9911796707
TMI Blog2015 (10) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... income were low. We find that there is no presumption that personal receiving small income cannot make small savings. On the facts of this case, we find that the small amount of savings as claimed by the donors cannot be rejected. In these circumstances when the confirmations is there, identity is established and return of income is also on record and no adverse features have been noticed in their bank account, the small amount given by them as gift to the assessee cannot be added in the hands of the assessee. Accordingly, except for the gift from Shri Mahabir Pd. Sharma, which we have conformed as above, the gifts from other three person added by the AO as unexplained cash credit in the hands of the assessee is deleted. - Decided partly i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat AO should also allow further opportunity to the assessee to produce further evidence, if any, in support of the claim of the gifts. When the matter was taken up by the AO in the second round AO observed that the donors in question had returned income of very meagre amounts. Further in one case, gift though made by cheque were seen to be made from cash deposits made on the same date. None of the alleged donors were available for personal examination. It was also found that alleged donors had filed returns while the assessment proceedings of the assessee were under-way. In these circumstances, the AO had added back the gifts as unexplained cash credit. Ld. CIT(A) also confirmed the same. 4. Against the above order assessee is in appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Draft 11.04.03 Draft No.239359 Punjab National Bank B.R.B.B. Road Branch Kolkata-1 Now we note that assessee has filed confirmation of the gifts. The donors have filed return of income. Now adverse inference has been drawn by the Revenue on the ground that the return of income is very low. We further note that with regard to gifts from Shri Vivek Chaudhary, AO has made further observations as under:- (b) Further, on perusal of bank statement of SB A/c No. 15430 of Indian Bank, Burra Bazar Branch, Kolkata of Shri Vivek Chaudhary, it is noted that ₹ 1,00,000/- was deposited in Cash in the said account on 20.02.2004 and a Cheque for ₹ 1,00,000/- was issued on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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