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TMI Blog2013 (10) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... balance sheet - All the donors were assessed to tax except one who was based at USA - Identity of the donors so also creditworthiness and genuineness of the transaction having been established, gifts were not bogus. Reliance is also placed upon the judgment of Hon’ble Gujarat High court in the case of Muralidhar Lahorimal v. Commissioner of Income-tax [2005 (11) TMI 32 - GUJARAT High Court], wherein identity of the donor had been established beyond any semblance of doubt and genuineness of the transaction was also established not only by the receipt of bank draft but also by other contemporaneous record. - Decided against the revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... their economical strata also weighed with the Assessing Officer in disbelieving genuineness of such gifts of huge sum. 3. Aggrieved by such addition, when challenged by the assessee before the CIT(Appeals), it also concurred with the findings of the Assessing Officer. CIT (Appeals) also was of the opinion that the occasion which necessitated these gifts was not specified. The same have been given on a particular day by the donors after having purchased the same by consecutive demand drafts of the same bank. Explanation of the appellant was not found palatable and accordingly CIT(A) had turned down the say of the assessee of deleting said amount from computation of his income. 4. Aggrieved by the same, when respondent assessee approached t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere the Apex Court has held that the burden is on the assessee to take the plea that even if the explanation is not acceptable, the material and attending circumstances available on record do not justify the sum found credited in the books being treated as a receipt of the income. 9. In the matter before the Apex Court the assessee had received foreign gifts from one common donor and payments were made by instruments issued by foreign banks and credited to the respective account of the assessees by negotiation through a bank in India. Court also noted that the explanation of the assessee was not found satisfactory nor was there any material which was capable of leading to the conclusion that such gifts were genuine in nature. Thus on accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Commissioner of Income-tax reported in (2006) 280 ITR 512(Guj.). In the said decision also identity of the donor had been established beyond any semblance of doubt and genuineness of the transaction was also established not only by the receipt of bank draft but also by other contemporaneous record. The Revenue although in that case also was not satisfied with the source of fund in the hands of donor and yet, the Court held it was for the Revenue to take appropriate steps in that event, but, that would not lead to question genuineness of transaction. We find that the case of the assessee respondent in the matter on hand can be largely equated with the one decided by this Court in case of Muralidhar Lahorimal (supra). However, those decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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