9911796707
TMI Blog1992 (9) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... essee explained that she had received a gift of Rs. 1,00,000 on 23rd April, 1982 from one Smt. Chandra Devi Nandlal Sirselewala and the said amount was deposited by her in her account with M/s Jay Shree Textiles, Bombay. In support of her contention the assessee not only filed her own affidavit but also filed the photostat copies of the declaration of the gift by Smt. Chandra Devi aforesaid and of the demand notice for Rs. 10,750 issued by the GTO, C-III Ward, Bombay. It was also stated that the amount of gift was reflected in her wealth-tax return for asst. yr. 1983-84 and the assessment thereupon was completed on 7th Feb., 1989. The ITO did not accept assessee's above contention and evidence produced in support of that on the ground that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce. We, however, find force in Mr. Ranka's arguments. 4. It is not in dispute that the assessee had received Rs. a lac on 23rd April, 1982 by way of gift through cheque. It is true that the amount of Rs. 1 lac was deposited by the assessee in cash after a lapse of about 1 1/2 years of the receipt of gift and that fact may create a doubt in one's mind as to the investment of the very amount of gift in the two deposits but such doubt or suspicion cannot be allowed to take the place of proof. It is difficult to ignore that the assessee and filed her affidavit and, for no good reasons, the ITO had not chosen to cross examine her before rejecting the deposition made in such affidavit. That apart, there was no evidence on record to show that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roj Textiles Mills (P) Ltd. the Settlement Commission was considering the matter for several years, appropriate orders in conformity with the final decision of the Settlement Commission be taken by the ITO in the case of the assessee. 6. Heard the parties. 7. It is gathered on a perusal of para 30 of Tribunal's order dt. 31st July, 1991, passed in the case of M/s Saraf Textiles (P) Ltd. for asst. yr. 1982-83 (ITA No. 1421/JP/90) that the matter was examined by the Tribunal and it was held that the business of M/s Saroj Textiles was not a benami business of M/s Saraf Textile (P) Ltd. but was of the proprietary concern of the assessee. The ITO would therefore, treat cash incentive of Rs. 2234 as assessee's income, and would allow deprecia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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