9911796707
TMI Blog2004 (5) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... nts placed on record and noticed that the return of income filed by the assessee was processed on 13th Oct., 1992. Subsequently, the Department of Enforcement Directorate had conducted investigation in the case of Shri Sameer Mahajan, who had given gifts to various beneficiaries in India out of his NRI account No. 99 maintained with the New Bank of India, Defence Colony, New Delhi. The statement of Shri Mahajan was recorded by the Enforcement Directorate on 29th Oct., 1991, wherein he had admitted that the cheques issued from his above bank account were not gifts, but in consideration, he had received cash to the equivalent amount and premium thereon at 12 per cent from the beneficiaries. The assessee is one of the beneficiaries, who had al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly made an addition of Rs. 2,24,000 in the hands of the assessee against which an appeal was filed before the CIT(A) and the CIT(A) re-examined the issue in the light of the statements of Shri Sameer Mahajan. Before the CIT(A), the assessee has placed reliance upon the immunity granted by the Government. Being satisfied with the explanations of the assessee, the CIT(A) deleted the addition. 3. Now the Revenue has carried the matter before the Tribunal and placed heavy reliance upon the order of the AO. 4. The learned counsel for the assessee, on the other hand, has invited our attention to its letter dt. 23rd April, 1999, written to the AO through which the assessee has invited the attention of the AO to the speech of the then Financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, stating therein that his earlier statement recorded was extracted from him under coercion and undue influence and it was not a voluntary statement. The learned counsel further invited our attention to the passport, gift deed and affidavits of Shri Sameer Mahajan to prove the genuineness of the gifts. He also placed reliance upon the judgement of the jurisdictional High Court in the case of J.T. (India) Exports vs. Union of India (2002) 177 CTR (Del)(FB) 108, in support of its contention that the rule of audi alteram partem must be followed before drawing adverse inference against the party. It was further held that audi alteram partem rule says that none should be condemned unheard. In support of its contention that the State is bound by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gift. I cannot remain oblivious from the Scheme launched by the Hon'ble Finance Minister through his speech dt. 24th July, 1991, granting immunity for foreign remittances. According to the Scheme, if the remittance is received as a gift by the donee in India, it would not be subjected to gift-tax and the source of funds out of which remittance is made would not be subject to scrutiny under the direct tax laws and exchange control regulations. The Scheme coming into force with immediate effect, i.e., 24th July, 1991. It means, at the time when the gift was received, the Scheme was in operation, according to which, the source of gift cannot be examined by the Revenue authorities. I have also examined the judgement referred to by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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