9911796707
TMI Blog2012 (12) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... or the assessee, therefore, these are dismissed as not pressed. 2. The next ground i.e. 2 is that on the facts and in the circumstances of the case, the learned CIT(A) was not justified in holding that Shri Henary Garg did not make the payment of Rs.13,20,000/- towards purchase of land by the assessee from the same seller vide cheque no. 926533 on 14th July, 2003 on behalf of the appellant as loan/gift and in confirming the addition as unexplained investment in the hands of the assessee. The crux of arguments on behalf of the assessee is identical to the ground raised by further submitting that Shri Henry Garg left India and is presently in Dubai. The ld. Counsel for the assessee invited our attention that to the sale deed to the effect th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Henry Garg which is reproduced hereunder :- "September 09, 2006 TO WHOM IT MAY CONCERN This is to state that I, Henry Garg s/o Shri R.G. Garg has paid Cheque No. 926533 dated 14.7.2002 for Rs.13,20,000.00 drawn on Dena Bank, MP Nagar, Bhopal to Shri Sahibzada Yawar Rashid, aged 50 years s/o late Shri Nawab Rashid Uz Zafar Khan towards partial payment of plot, costing a total amount of Rs. 18,20,000./ 00 (Rupees Eighteen lakhs twenty thousand only) located at Boomi Khasra No. 72/2/2 measuring 5227.20 sq. Ft., Gram Dharampuri, Vikas Khand Phanda, Tehsil Huzur, Distt. Bhopal falling under the Bhopal Municipal Corporation limits on behalf of Shri Paramjeet Singh Bedi. The remaining cost of the plot amounting to Rs. 5,00,000.00 (Rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsecured loans mentioning the impugned amount) and page 47 (schedule-III unsecured loans) of the paper book. It was claimed that this amount was gifted by the brother to the assessee. The gift deed of the donor is placed at pages 65 and 66 of the paper book. The said gift is witnessed by two witnesses and attested by the notary, Bhopal. However, the learned Senior DR defended the impugned order by submitting that section 41(1) of the Act is attracted. 5. We have considered the rival submissions and perused the material available on record. From the memorandum of gift (page 65 of the paper book) we find that Shri Sukhdarshan Singh Bedi is resident of USA and is the brother of the assessee. He had an outstanding amount of Rs.21,36,000/- rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as accepted by the Assessing Officer and no addition was made on that account. The reassessment was reopened on account of investment in property and surrender was made on 21.9.2005. Receiving of money and ring ceremony is not in dispute. The addition was made on the plea that such gifts are reciprocal in nature as a social obligation. However, we are not in agreement with this opinion of the learned Assessing Officer because during ring ceremony, the money is given and in turn, there is no reciprocity rather some food and eatables are provided. The expenditure may be on food, etc. and not on return gift. We further find that the amount of Rs.60,000/- was withdrawn for household expenses, consequently, no separate addition of Rs.1,16,215/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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