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TMI Blog2017 (11) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... reated is as to the creditworthiness of the donors. In this regard we find that the Assessing Officer had questioned the donors as to the source of money from which the gifts had been made to the assessee. The donors on their part explained that the money had come to them upon sale of certain properties. Thus, the inquiry had been made by the Assessing Officer and the conclusion drawn by him is consistent with the information provided by the donors. It cannot also be lost sight of that the amount of donation is only ₹ 75,000/- for each gift. Thus, the total disputed amount is only ₹ 1,50,000/-. Thus where certain inquiry appears to have been made pertinent to the issue in hand and the conclusion drawn by the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 234 A, 234B and 234 C of the Income Tax Act was payable by the appellant in the proceedings under Section 263 of the Income Tax Act? In short, during the previous year relevant to the assessment year 2001-02, the assessee had received two gifts of ₹ 75,000/- each. It appears, the assessing authority doubted the correctness of the claim of gifts during the course of the assessment proceedings. The donors Anil Kumar and Indu Bhushan confirmed the fact of having advanced the gift of ₹ 75,000/- each. They also claimed to have established that the gifts were given through cheque payments and the same were reflected in their books of account. Also it was explained that the donors acquired the money through sale of im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account of the donors. Therefore, the assessing officer did not make any mistake in accepting the gifts. Learned counsel for the petitioner further submits that the reasoning of the CIT cannot be sustained as he has provided for addition to be made in exercise of power under Section 263 of the Act solely on the reasoning, according to him further inquiries should have been conducted by the Assessing Officer. In this regard reliance has been placed on the judgment of this Court in the case of Commissioner of Income Tax Vs. Krishna Capbox (P.) Ltd reported in [2015] 372 ITR 310 (Allahabad). In para 9 of the judgment, it was held as below:- The Tribunal further considered the question whether discussion of queries and reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditworthiness of the donors. In this regard we find that the Assessing Officer had questioned the donors as to the source of money from which the gifts had been made to the assessee. The donors on their part explained that the money had come to them upon sale of certain properties. Thus, the inquiry had been made by the Assessing Officer and the conclusion drawn by him is consistent with the information provided by the donors. It cannot also be lost sight of that the amount of donation is only ₹ 75,000/- for each gift. Thus, the total disputed amount is only ₹ 1,50,000/-. Looking into the peculiar facts of the case where certain inquiry appears to have been made pertinent to the issue in hand and the conclusion drawn by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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