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TMI Blog2022 (11) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... ount has been gifted to his own son through a gift deed proves the genuineness of the transactions. The addition has been made solely on the basis of failure of the assessee to produce his father (donor) who is 85 years old, staying at Hong Kong before the authorities within a span of 13 hours. Since, all ingredients of identity, genuineness and creditworthiness have been proved beyond doubt, we hereby hold that no addition on account of the gift received by the assessee is called for. Appeal of the assessee is allowed. - ITA No. 1098/Del/2020 - - - Dated:- 17-10-2022 - Dr. B. R. R. Kumar, Accountant Member And Sh. Anubhav Sharma, Judicial Member Assessee by : Sh. I. P. Bansal, Adv. Sh. Vivek Bansal, Adv. Revenue by : Sh. M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted the assessee to produce his father Sh. R.S. Saraf for his confirmation and recording of his statement. Since, the assessee failed to produce the donor on the designated date, the Assessing Officer held that genuineness of the gift is doubtful and brought the gift amount to tax. 4. Aggrieved, the assessee filed appeal before the ld. CIT(A) who affirmed the order of the Assessing Officer. The action of the ld. CIT(A) necessitated filing of appeal before us. 5. Heard the arguments of both the parties and perused the material available on record. 6. The pertinent facts are as under: The assessee filed return of income on 04.08.2016 declaring an income of Rs. 1,75,78,000/-. The assessee received an amount of Rs. 8,53,8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strength of 5300 personnel. The Indian income of Sh. R.S. Saraf was Rs. 60,43,520/- and also reflects receipts from sale of assets at Column No. 5 under the capital gains of Rs. 9,89,89,127/-. The ITR of the assessee for the A.Y. 2017-18 reflects shares and securities of Rs. 119,94,29,500/-. Against these evidences, the Assessing Officer required the assessee to produce the donor on 30.12.2018 at 11:30 AM for recording of the statement. The said notice has been issued on 29.12.2018 at 9:04 PM which leaving effectively 13 hours of time to produce the father of the assessee from Caine Road, Hong Kong to C.R. Building, I.P. Estate, New Delhi. 7. Thus, from the above, we find that the identity of the donor who is the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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