1984 (8) TMI 124 - AT - Income Tax

Summary

Issues:
1. Disbelief of gifts claimed by the respondents in their accounts.
2. Restoration of the matter to the file of CIT(A) for examination of the genuineness of the gifts.
3. Assessment of interest received by minor daughters of Vijay Kumar.
4. Addition of unexplained investment in repairs and renovation.
5. Inclusion of share income of Smt. Suresh Gupta in the hands of Vijay Kumar.

Analysis:

1. The Tribunal accepted the genuineness of deposits in the names of Ashok Kumar and Sushil Kumar, considering that these deposits were not doubted in earlier years. However, for the remaining donors, the Tribunal restored the matter to the file of the CIT(A) to examine the genuineness of the deposits. The appeals of the respondents were restored for re-examination of the gifts received.

2. The Tribunal ordered the matter to be restored to the file of CIT(A) for a fresh examination of the genuineness of the gifts received by the seven respondents. This decision was made in conformity with the Tribunal's order regarding the firm's case.

3. An additional issue arose in the appeal of Vijay Kumar regarding the assessment of interest received by his minor daughters. The matter was restored to the file of CIT(A) to examine the issue in light of the appellate orders from the previous assessment year.

4. In the appeal by Ghanshyam Dass, the controversy was about the addition of an unexplained investment in repairs and renovation of the building. The Tribunal could not decide the matter due to the absence of the Asst. Valuation Officer's report regarding the cost of repairs and renovation. The issue was restored to the file of the AAC for further examination.

5. In the appeals by Shri Vijay Kumar Gupta, the contention was about the inclusion of share income of Smt. Suresh Gupta in the hands of Vijay Kumar. The Tribunal upheld the inclusion based on the decision of the Allahabad High Court, which was binding in their jurisdiction. The appeals of Vijay Kumar Gupta for the respective assessment years were dismissed based on this decision.

In conclusion, the Tribunal's judgment addressed various issues related to the disbelief of gifts, assessment of interest, unexplained investments, and inclusion of share income. The decisions included restoring matters for re-examination, considering previous appellate orders, and upholding decisions based on binding court precedents.