9911796707
TMI Blog2003 (11) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated January 30, 2003, passed by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi G (for short "the Tribunal"), in I. T. A. No. 114/Delhi of 1998, pertaining to the assessment year 1994-95. Briefly stated, the material facts giving rise to the present appeal are as follows: During the course of assessment proceedings for the aforementioned assessment year, the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee by taking recourse to section 68 of the Act. The Assessing Officer also observed that the assessee was trying to convert the black money earned through real estate business through the medium of gifts from NRI accounts, which can be arranged on payment of premium of 10 per cent, to 25 per cent. Aggrieved, the assessee preferred appeal to the Commissioner of Income-tax (Appeals). While ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the aforenoted gifts. Not being satisfied with the decision of the Commissioner, the Revenue carried the matter in further appeal to the Tribunal. The Tribunal again noticed that the assessee had filed necessary evidence before the Assessing Officer in support of the genuineness of the aforesaid gifts, which included the aforementioned documents. The Tribunal accordingly dismissed the Revenue' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nable to persuade ourselves to agree with learned counsel for the appellant. There is no quarrel with the proposition that a mere identification of the donor and showing the movement of the gift amount through banking channels is not sufficient to prove the genuineness of the gift and since the claim of a gift is made by the assessee the onus lies on him not only to establish the identity of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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