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TMI Blog2009 (12) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... d thereon. The assessee’s claim of a claim of a foreign gift of Rs. 2 lakhs received by him was disallowed. In the appeal against the block assessment, the Tribunal confirm the assessment of Rs. 65 lakhs but turn down the department’s claim for assessment of the foreign gift amount of Rs. 2 lakh. Held that- the addition of Rs. 65 lakhs was justified. Further held that as the assessee produced evid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived by the assessee from a firm of which he was previously a partner for the purchase and sale of a theatre building with land thereon. Similarly in the assessment, the assessee's claim for a foreign gift of Rs. 2 lakhs received by him was disallowed. In the appeal against the block assessment, the Tribunal though confirmed the assessment of Rs. 65 lakhs by rejecting the assessee's appeal on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessee by the firm Penta Associates of which the assessee was a partner. The statement of the managing partner of the firm is that the assessee approached him offering sale of 55.125 cents of prime land in the city which was previously occupied by a theatre, on brokerage/commission/margin of Rs. 65 lakhs to the assessee. The assessee is said to have made arrangement with the owner for sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee as the applicant who applied for income-tax clearance. We notice from the findings of the Tribunal and the statement of the managing partner Mr. Varghese that his evidence is absolutely convincing and the assessee's behaviour in joining the partner-ship, in applying for Income-tax clearance and in retiring from the firm, conform to the statement given by Mr. Varghese. Further, all other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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