2012 (8) TMI 272

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..... d income reflected in the form of gift - addition u/s 68 - Held that:- In case of gift of 5000 dollars it is found on perusal of the copy of bank statement of donor that there is no withdrawal for 5000 dollars from his account. We, therefore, uphold the addition. However in case of gift of 10,000 dollars, the same was made through foreign remittance to the assessee, hence addition to this extent is deleted - Decided partly in favor of assessee
SHRI R.S. SYAL AND SHRI VIVEK VARMA JJ. Appellant by Shri Bhupendra Shah. Respondent by Shri A.K. Nayak. O R D E R PER R.S. SYAL, AM : This appeal by the assessee is directed against the order passed by the CIT(Appeals) -30, Mumbai, on 29-01-2010 in relation to assessment year 2005-06. 2. The .....

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..... ered opinion, it will be just and fair if, in the peculiar facts and circumstances of the case, such an estimate is reduced to Rs. 1,00,000/-. We order accordingly. The addition is sustained at Rs.1,51,171/-. 5. Ground no. 2 is against confirmation of addition on account of low household withdrawals. 6. The facts apropos this ground are that the assessee had shown withdrawals of Rs.8,757/- towards household expenses. The AO found that her family comprised of self, husband and two children. It was stated before the AO that the son of the assessee was staying in USA and the family withdrawals were Rs.2,77,504/- including the expenses on the education of son staying in USA. The AO required the assessee to file details of house hold expenses, .....

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..... eth along with copy of bank account was produced. On perusal of details, it was observed, inter alia, by the AO that there was debit of 10,000 Dollars made on 21-3-2005 in the joint account of Rashmi Sheth and Rekha Sheth and there was corresponding entry for equal amount on the same day. It was further observed that the declaration of gift spoke of remittance 15,000 Dollars in two parts viz. 5,000 on 19-1-2005 and 10,000 Dollars on 23-3-2005. There was no entry for the withdrawal by the donor for 5,000 Dollars. Considering all the facts and circumstances and relying on certain decisions, the AO came to hold that the genuineness of the gift was not proved. He, therefore, made an addition of Rs.6,54,344/- which came to be upheld in the first .....

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