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TMI Blog2020 (11) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... estioned by the AO. The fact that the amounts have been withdrawn and nothing has been found to show that these funds which had been withdrawn had been used for any other purpose, the claim of the assessee that these funds have been gifted to him from his parents cannot be doubted - The gifts of ₹ 5 lakhs each received by the assessee from his parents are actually the withdrawals made by the parents from the partnership firm M/s. Vedic Partners. Addition as made by the Assessing Officer and sustained by the Ld.CIT(A) stands deleted. - Decided in favour of assessee. - ITA No.: 1430/CHNY/2019 (Assessment Year: 2014-15) - - - Dated:- 15-6-2020 - SHRI GEORGE MATHAN, JUDICIAL MEMBER Appellant by : Shri T. Vasudevan, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m on four dates being ₹ 2 lakhs on 15.06.2013, another ₹ 2 lakhs on 02.07.2013, ₹ 5 lakhs on 12.07.2013 and ₹ 1.5 lakhs on 08.08.2013. It was a submission that the said withdrawals were duly debited to the capital account of the two partners, who had gifted the amount to the assessee. It was a submission that the Assessing Officer had disbelieved the claim of the assessee and made the addition. It was a further submission that the Ld.CIT(A) had dismissed the assessee s appeal by holding that the gift was against human probabilities. It was a submission that the gift received by the assessee has been recorded in the accounts of the partnership firm. The amounts have been reduced from the capital accounts of the partne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ara (ii), the Assessing Officer further questions that when cash gift is made, there must be physical movement of funds, whereas in the present case there is only a mere book entry. This para is in contradiction to sub-para (i). In sub-para (iii), the Assessing Officer questions when the assessee has enough balance in his cash book, why he needed to channelize a lump sum payment of ₹ 5 lakhs to the firm on one day and the firm pays the same in the form of gift through another partner. This sub-para again is a contradiction to the earlier sub-paras. In sub-para (iv), the Assessing Officer questions the routeing of the funds to the firm and further goes on to say that there would be payment entry of cash to the partners from the firm s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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