9911796707
TMI Blog2021 (9) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... the source was explained as gifts, partly and partly the amount was paid through cheques. Thus, the gifts were recorded in the books of accounts and also offered to tax u/s 56(2)(vii)(a) - assessee also furnished the details to the DDIT/ AO, with names and addresses of the persons from whom the gifts were received vide letter dated 30.03.2018. Assessee furnished the details before the AO also vide letter dated 11.12.2019. Neither the DDIT nor the AO found any deficiency in the information submitted by the assessee and has not caused any enquiries. Since, the assessee has already explained the source as gifts and offered the same to tax u/s 56(2)(vii)(a), which was not being disproved by the AO, the credits made in the books of accounts s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55/2016 dated 17.06.2016 for a consideration of ₹ 56,26,500 and paid on-money to the extent of ₹ 4,16,36,100/- in cash over and above the sale consideration mentioned in the registered sale deed and agreed to disclose the same as additional income. However, subsequently after survey, the assessee filed the return of income admitting total income of ₹ 4,31,56,197/- which includes the additional income declared in survey. By the time survey was conducted, the assessee has not filed the return of income for the A.Y.2017-18 and in the return filed subsequently, the assessee has admitted the sum of ₹ 4,17,00,000/- towards gifts received from near and dear and offered the same to tax u/s 56(2)(vii)(a) of the Act. During th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave come to him in the form of gifts which was duly disclosed in the books. This information was filed before DDIT(Inv) along with final account. Therefore, there is no dispute regarding the nature and source of gift. It is also a fact that the income was brought to tax u/s 56(2) of the Act and paid relevant taxes. The DDIT (Inv) has not drawn any adverse conclusion on the explanation. It is seen that the source of funds are neither loan nor advance , hence the rigors of section 69A of the Act will come into operation. Be that as it may, the appellant had furnished the names and addresses of the donors with whom the Assessing Officer has not caused any enquiry. In the absence of such enquiry, section 69A of the Act can t be invoked. It is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the income of the assessee for such financial year. In the instant case, the assessee has purchased a piece of land for which the source was explained as gifts, partly and partly the amount was paid through cheques. Thus, the gifts were recorded in the books of accounts and also offered to tax u/s 56(2)(vii)(a) of the Act. The assessee also furnished the details to the DDIT/ AO, with names and addresses of the persons from whom the gifts were received vide letter dated 30.03.2018. The assessee furnished the details before the AO also vide letter dated 11.12.2019. Neither the DDIT nor the AO found any deficiency in the information submitted by the assessee and has not caused any enquiries. Since, the assessee has already explained the sour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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