TaxTMI 
TaxTMI 
2025 (10) TMI 145
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....TO, Ward-3(2), Gwalior (hereinafter referred to as "ld. AO"). 2. The assessee has raised the following grounds of appeal:- "1. That, on the facts and circumstances of the case and in law, and in any view of the matter, the Ld. Authorities below have erred in making and upholding the addition of Rs. 10,94,000/- (5,00,000 +5.90,000) in respect of gift received from Smt. Shashi Bausal, sister of the appellant mentioning in the appeal order that no new facts are emerged before the undersigned, which lead to allow the appellant's plea, whereas, the appellant has submitted the explanation. 2 2. That, on the facts and circumstances of the case and in law, and in any view of the matter, the Ld. Authorities have erred in mak....
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....ssessee had claimed an increase of Rs 1,83,77,061/- in his capital for the year under consideration. The assessee in his reply had claimed to have introduced a capital of Rs 3,67,500 and Rs 1,80,09,561 in his proprietorship concerns SM advisors and consultants and SM builders and developers respectively. The source of these capital introduced has been explained by the assessee to be the gift of Rs 2,74,33,250/- received from her sister Mrs. Shashi Bansal, resident of F-303, Saritha Vihar, New Delhi- 110076 PAN- AAUPB6378F and she has also declared the same in her income tax return. The assessee also claimed to have received gifts from Manju Agarwal of Rs 6,25,000/-, among other parties. The assessee submitted the documents regarding the cre....
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....f Rs 6,25,000/-, the assessee submitted that the said amount was transferred by Smt Manju Agarwal out of her personal funds accumulated in the bank account. The assessee further submitted the copy of confirmation and stated that gift of Rs 6,25,000/- was received on 24-09- 2015 out of the total amount debited of Rs 9,50,063/- in bank account including Rs 63/- as bank charges. The assessee submitted his bank account statement wherein Rs 9,50,000/- was reflected on 24-09-2015. The Learned CITA, however, observed that the submission of the assessee was not found satisfactory since this explanation was not given by the assessee before the Learned AO and dismissed the plea of the assessee as an afterthought. Aggrieved, the assessee is in appeal ....
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.... Act. This cannot be a reason to disbelieve the gift and doubt the creditworthiness of Smt Shashi Bansal. IT is not in assessee's hands as to get the returns of Smt Shashi Bansal scrutinized. That job is left to the wisdom of the income tax department. The assessee cannot be faulted for an act which is not in his control. Hence there is no reason to disbelieve the creditworthiness of Smt Shashi Bansal to have given cash gift of Rs 10,94,000/- to the assessee and accordingly the same is to be treated as explained. 8. With regard to gift received from Smt Manju Agarwal, another sister of the assessee, it is to be noted that the same has been received by way of cheque out of funds available in the bank account of the donor. The assessee on ....