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TMI Blog2012 (11) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the circumstances, the order of the Ld. ITAT upholding the order dated 16.3.2006 passed by the Ld. CIT, Aligarh under Section 263 by which he has held that the finding of the assessing officer as regards the gift of ₹ 1,50,000/- received by the appellant during the year from Shri Ram Avatar Agarwal, is erroneous and prejudicial to the interest of the revenue, is legally correct? II. Whether on the facts and in the circumstances the finding recorded and observations made by the Ld. ITAT in the impugned order as regards the genuineness of the aforesaid gift of ₹ 1,50,00/- are based on conjectures and surmises and irrelevant facts and the same are perverse being not based on material on record? III. Whether the Ld. ITAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thiness of the lender are satisfied. Merely because transactions were routed through bank of respective lenders will not amount to fulfill the three conditions mentioned above. So far as the gift receipt from Shri Ram Avatar Agarwal, three conditions have not been satisfied and regarding purchases it was also observed that no copy of purchase bills was available so the order passed by the Assessing Officer was erroneous and prejudicial to the interest of Revenue. He accordingly, set aside the order passed by the Assessing Officer and directed for fresh assessment. The assessee feeling aggrieved with the aforesaid order preferred an appeal before the Income Tax Appellate Tribunal. The Tribunal has held that the purchases are verifiable and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned counsel for the parties. We find that the Tribunal while examining the question has held as under: As regards gift received from Sri Ram Avatar Agarwal, we find that the Assessing Officer recorded the statement of Shri Ram Avatar Agarwal. He has stated that his annual income is about ₹ 35,000/- to ₹ 40,000/-. It is further seen that Sri Ram Avatar Agarwal does not have any children. The family consists of himself and his wife. There is no relationship between the assessee and the donor. The assessing Officer while completing assessment has casually mentioned that the person from whom the donation received by the assessee was examined on oath, but no discussion about the genuineness of the transaction, creditworthine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he doubtful nature of the transaction and the manner in which the sums were found credited in the books of accounts maintained by the assessee have been duly taken into consideration by the authorities below. The transactions though apparent were held to be not real ones. May be the money came by way of bank cheques and was paid through the process of banking transaction but that itself is of no consequence. 7. The principles laid down in the aforesaid decision has been applied by this court in the case of Smt. Kamla Agrawal (Supra). Respectfully following the decision of this Court in case of Smt. Kamla Agrawal (Supra), we are of the considered opinion that so far as the order passed by the Tribunal on the gift is concerned , it does n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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