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TMI Blog2014 (7) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... rs and the genuineness of the gifts. The donors themselves having confirmed that they have given the gifts and having shown that they are income-tax assessees and having filed their returns of income clearly show their creditworthy. Thus we are of the view that the addition as made by the Assessing Officer and confirmed by the ld. CIT(Appeals) representing the gifts received by the assessee is liable to be deleted and we do so. - Decided in favour of assessee Addition on low drawings - Held that:- As noticed that the assessee is 71 years old person. He is staying with his son. No expenditure has been found in the hands of the assessee, which has remained unexplained. This being so, no ad hoc disallowance under the head “drawings” can be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gain with reference to the value adopted by the Stamp Valuation Authority, although the appellant had invested the full value of sale consideration in the exempted asset us. 54EC of the I.T. Act, 1961. (4) On the facts and in the circumstances of the case, the lower authorities erred in estimating the monthly expenses of the assessee and adding a sum of ₹ 43,000/- on account of low drawings. 4. At the time of hearing, it was submitted by the ld. A.R. that the assessee did not wish to press Ground No. 3. Consequently, Ground No.3 of the assessee s appeal stands dismissed being not pressed. 5. In regard to Ground No. 2, it was submitted by the ld. A.R. that the issue was against the action of the ld. CIT(Appeals) in confi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings when the appeal was pending before the ld. CIT(Appeals). These too reiterated the genuineness of the transactions. The donors were all income-tax assessees and they have filed their income-tax returns and they have also produced such incometax returns along with their computation of total income and statement of affairs before the Assessing Officer which prove the identity and creditworthiness of the donors. It was the further submission that even in the remand proceedings four of the donors had themselves appeared before the Assessing Officer in response to the notices issued by the Assessing Officer, which clearly showed that the transactions were genuine and the gifts had been received by the assessee through cheques only. This w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer and ld. CIT(Appeals). 9. We have considered the rival submissions. At the outset, a perusal of the assessment order clearly shows that the Assessing Officer had called for the donors and they had all appeared before the Assessing Officer and they had confirmed the transactions with the assessee more so giving of the gifts. The Assessing Officer has mentioned that the donors have gifted in cash. However, a perusal of the order of ld. CIT(Appeals) shows that he had directed the Assessing Officer to re-verify the donors. Four of the donors appeared before the Assessing Officer in the remand proceedings and confirmed that they had given the gifts and some of the gifts were by cheque. Further a perusal of the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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