TaxTMI 
TaxTMI 
2026 (1) TMI 1196
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.... matching with the return of income filed. During the course of assessment proceedings, the ld. AO issued notice u/s 143(2) and 142(1) of the Income-tax Act, 1961 (the Act) along with questionnaire. The ld. AO noted that though the assessee has filed the return u/s 139(1) of the Act for the impugned assessment year, however, various cash deposits and withdrawals in multiple bank accounts were not reflected. The assessee filed the return of income on 23.04.2021 in compliance to notice u/s 148 of the Act. Thereafter, the ld. AO noted that the assessee has received gifts of Rs.75 lacs from Mojibur Rahaman Biswas and Rs.46 lacs from Latifuddin and documentary evidences furnished by the assessee were also examined. The ld. AO also referred to the confirmation issued by Mojibur Rahaman Biswas dated 21.02.2022, wherein the person confirmed the gift given to the assessee on various dates out of the explained sources. It was also submitted that the said donor has sufficient resources as he was having manufacturing business as well acting as director/ partners in many firms and companies. Similarly, the ld. AO referred to the confirmation of gift dated 21.02.2022, given by Shri Latifuddin wh....
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...., 2017,- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; .............. Provided further that this clause shall not apply to any sum of money or any property received- (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or .............. Explanation.-For the purposes of this clause,- ........ (e)"relative" means,- (i) in case of an individual- (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal ascendant or descendant of the spouse of the individual; (G) spouse of the person referred to in items (B) to (F); and (ii) in case of a Hindu undivided family, any member thereof; ............." 5.2.3. Hence, on perusal o....
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.... it is tangible that both the Donors had enough financial capacity to make gifts to the assessee. From the said balance sheet, it is also clear that both the Donors made the drawings from their capital generated over the years and the gifts were made out of their accumulated funds and drawings. 5.2.5. Reliance is placed by the assessee on the following judicial pronouncements in support of her contentions: a) In the case of 'Commissioner of Income Tax Vs. Sanjeev Jain [2023] 150 taxmann.com 487 (Cal)', the Hon'ble High Court, Calcutta held the following: "The short issue which falls for consideration in this appeal is whether the assessee was able to establish the genuineness of the gift received by the assessee. In the earlier round of litigation the learned Tribunal had remanded the matter to the Assessing Officer with a specific direction to consider the documents filed by the assessee which, according to the assessee, is sufficient to show that they have discharged the initial burden of proof on them to show that the gift was genuine. The learned Tribunal notes that the Assessing Officer on remand did not comment upon the documents which were prod....
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....TA No.299/Del/2023' had held as under: 4. The Assessing Officer made addition of Rs. 12,78,000/- on account of the cash deposits over a period of 14 days from 18.04.2016 to 18.11.2016 of the amounts varying from Rs. 25,000/- to Rs. 4,00,000/-. Before the AO, it was submitted that the amount has been received as gift from the mother (aged 70 yrs.) of the assessee and out of self accumulations. During the proceedings before the ld. CIT(A), the assessee has also submitted copy of the gift deed dated 14.01.2014. We find that the gift deed has not been disputed by the revenue. The fact of acceptance of the gift has also not been controverted by the ld. CIT(A). In the absence of any contrary material brought before us by the revenue, we hereby direct that the addition made by the Assessing Officer be deleted. 5. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 18/05/2023." c) The Hon'ble ITAT, Jaipur in the case of 'Sheela Yogi vs. ITO, Ward-4(2), Jaipur, ITA No.398/JP/2018' had held as under: "15. Further, on merits, we find that once the summons have been issued and these persons have appeared a....