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TMI Blog2013 (12) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... ment P. Ltd. The case of the assessee was selected for scrutiny and notice under section 143(2) was issued to the assessee on 11.9.2008. During the course of assessment, the Assessing Officer made additions in the income returned by the assessee on account of gifts amounting to Rs. 4,80,920/- received from mother's sister's son, loan from Mr. Iliaz amounting to Rs. 8,80,072/- and from Mr. Sakthvel to the tune of Rs. 5,04,000/- and cash deposits amounting to Rs. 13,00,000/-. 3. The Assessing Officer held that mother's sister's son does not fall within the definition of 'relative' as provided under Explanation to section 56(2)(v), therefore, the gift received from him is disallowed. As regards loans, identity of the persons who have given lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/-, the DR contended that the assessee has failed to produce any documentary evidence to substantiate his claim that the amount has been received as a loan. The identity of the lenders was neither established before the Assessing Officer or before the CIT(A). The DR submitted that except for the bald statement of the assessee, the assessee could not substantiate his claim with regard to cash deposits. The CIT(A) has drawn adverse inference from the order of the Assessing Officer wherein the Assessing Officer has made reference to what the assessee has stated before him. 5. On the other hand, the counsel for the assessee submitted that the order of the CIT(A) is a well-reasoned and detailed order. The amount of Rs. 4,80,920/- has been re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... means- (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi);" The term used in proviso to section 56(2)(v) is "relative" which has been further elaborated in the Explanation to clause (v) of Section 56(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Act.
8. In respect of these two additions deleted by CIT(A), we deem it appropriate to remit the matter back to the Assessing Officer to decide the issues afresh after taking into consideration the evidence submitted by the assessee with regard to genuineness of the lenders of the loan and the evidence furnished by the assessee explaining cash deposits of Rs. 13,00,000/-. Thus, these two grounds of appeal assailing the order of the CIT(A) are allowed for statistical purposes.
9. In the result, the impugned order of the CIT(A) is set aside and the appeal of the Revenue is partly allowed in the aforesaid terms.
Order pronounced in the open court on Thursday, the 14 th day of March, 2013 at Chennai.
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