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TMI Blog2015 (8) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 48,61,232/- u/s 68 of the Act, on account of gift received from NRI relative. 3. The brief facts of the case are that, the assessee is an individual having income mainly from salary. The return of income was filed declaring total income of Rs. 4,33,514/-. During the course of the assessment proceedings, the AO on the perusal of assessee's capital account, and bank account noticed that the assessee has received a gift of Rs. 48,61,232/- from one, Smt. Kankawari Nahata. In response to the show cause notice, the assessee submitted that gift has been received by the donor, who is a relative residing in Hong Kong and has NRI status. She has remitted a sum of US$99,990/-, from her bank account, which is equivalent to Rs. 48,61,514/-, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... donor, Smt. Kanakwari Nahata is married to Shri Jaychandlal Nahata, both are resident of Hong Kong and her husband is having very huge remuneration from company M/s Golden Wheel Impex Ltd. Relevant Bank entries and confirmation of gift was filed along with the details, outward remittance advice and, certificate issued by HSBC donor's bank and also by the Dena Bank, (bank account of the assessee). Besides, clarifying, the various discrepancies as pointed out by the AO, it was submitted that that immediate source of funds in the accounts of donor was from the bank account of M/s Keen Jade Ltd, which was family owned concern of the donor, wherein she was one of the directors. The financial statement of the said company was also filed whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that the gift has not been received by a stranger but from a close relative who is sister of her late husband. The gift was received on the occasion of marriage ceremony of assessee's grand daughter. The genuineness of the transaction can be seen from the remittance from donor's bank account to the assessee's bank account which has duly been supported by remittance certificate issued by HSBC bank and also from the certificate issued by the Dena Bank in India. Regarding financial capacity and creditworthiness, it was submitted by him that the donor was a director of M/s Keen Jade Ltd, a family owned concern and the money came from the bank account of the said company to her bank account and from there it has been remitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f. On the same date it has been remitted to the assessee's bank account in India. This fact is evident from page 16 of the paper book which is, the HSBC account of the donor. Thus, the flow of transaction and the financial capacity of the donor stands amply proved. Not only that, the assessee had also filed the Income Tax Return of M/s Keen Jade Ltd., wherein the donor has been shown as a Director of the Company. From all these details and evidence not only the genuineness of the transaction is proved but also the creditworthiness/financial capacity of the donor. The assessee's primary onus has been discharged. Here, in this case, the donor is a close relative who has given the gift confirmation in a gift deed giving all the particu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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