9911796707
TMI Blog2008 (5) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... he asses see - HELD THAT:- We are not convinced that the transaction is above board. We have in particular considered the quantum of the gifts, the fact that there is inadequate material to show the resources or fi nances of the Swiss national: there is no apparent reason for the assessee being showered with gifts by a person who is stated to be only a family friend and that the same family friend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax returns were filed showing an income of ₹ 48,000 in the case of M/s. Ashok Mahindru & Sons. The assessee had received a gift from a Swiss national by the name of Ms. Therese Morosini. The gifts received by the assessee and some others are as follows:- Rs. Cheque No. date 1. Mrs. Alka Mahindru 6,00,000 93758 14-09-00 2. Mrs. Sadhna Mahindru 6,00,000 93757 14-09-00 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee submitted that as long as relevant documents have been prepared evidencing the gift, the authorities under the Act ought to have accepted the contention of the assessee. 6. We are not in agreement with the view canvassed by learned counsel for the reason that even though the documentation may be in order, if there is enough material to raise a very strong suspicion that there is someth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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