9911796707
TMI Blog2015 (4) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... , wherein held that the burden is on the assessees to show that the amount received by purported gift(s) from the two donors was a "gift" in the legal sense. Assessees have not led evidence to show whether the alleged donors had adequate funds in their respective accounts to make these purported gift(s) in Singapore Dollars, which is almost running into more than five lakhs, we have no hesitation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e are as follows: During the search conducted in the group cases of Talent Paper Board Limited, Coimbatore on 12.2.1996, it was found that the assessee had made investment of ₹ 20.00 lakhs towards share capital in the above-said company. Hence, the Assessing Officer issued notice under Section 158 BD of the Income Tax Act. The Assessing Officer rejected the explanation given by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perused the materials placed before this Court. 5. At the time of hearing, it is pointed out by the learned Standing Counsel appearing for the Department that the case of P.R.Ganapathy decided by this Court in favour of the assessee, which was relied on by the Tribunal was pursued before the Apex Court and the Apex Court in the decision reported in [2012] 26 taxmann.com 354 remanded the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case, the Department has invoked Section 68 of the Income Tax Act, 1961. The burden is on the assessees to show that the amount received by purported gift(s) from the two donors was a gift in the legal sense. Assessees have not led evidence to show whether the alleged donors had adequate funds in their respective accounts to make these purported gift(s) in Singapore Dollars, which is almost run ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision in the case of P.R.Ganapathy and allowed the appeal of the respondent/assessee. In the light of the decision of the Supreme Court in the case of P.R.Ganapathy (supra), we have no hesitation to set aside the order of the Tribunal. Accordingly, the order of the Tribunal stands set aside and the matter is remanded back to the Tribunal to decide the issue along with the case of P.R.Ganapathy on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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