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TMI Blog2018 (10) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... n resident only will be entitled to transfer the said IMD certificates. Also as perused various decisions relied upon by the assessee and find that the IMD bonds falls under the category of securities and therefore it does not fall within the meaning of any some of money. - decided against revenue - 6143/Mum/2016 - - - Dated:- 12-10-2018 - Shri C.N. Prasad, Judicial Member And Shri Rajesh Kumar, Accountant Member For the Appellant : Ms. Neha Thakur For the Respondent : Ms. Rupal Vora ORDER PER RAJESH KUMAR, AM This appeal filed by Revenue is directed against the order of the CIT(A)-4, Mumbai dated 20.07.2016 and it relates to A.Y. 2006-07. 2. The grounds raised by the Revenue are as under: - 1) On the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50,000/- on 27.09.2008, respectively. The said IMD bonds were also confirmed by letter No. IMD/2012-13/10 dated 01.08.2012 of State Bank of India , copy of which is on record. The said two IMD bonds were matured on 29.12.2005 and the maturity value including interest was put in the fixed deposit by the assessee in Industrial Bank on 26.04.2007. While verifying the Balance Sheet the AO noticed that the there was an increase in the FDR which were added to the income of the assessee under Section 69 of the Act on account of non furnishing of details and evidences during assessment proceedings. The matter travelled up to ITAT and the ITAT set aside this issue to the file of the CIT(A). Therefore this is the second round of appeal. The learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other hand, opposed the contentions raised by the learned A.R. on the ground that the genuineness and identity of the person who gifted the money is not adequately established and moreover the assessee is not in blood relation of the donor. Therefore the order of the CIT(A) should be reversed and the appeal of the revenue should be allowed. 6. We have heard the rival contentions and perused the material on record including the decisions cited by the learned A.R. After perusal of the various case laws cited by the learned A.R. we find that the issue of gift of Indian Millennium Deposit certificate is not taxable in the hands of the assessee who received the same upon gift and also under the terms and conditions as stipulated in the India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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