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TMI Blog2023 (2) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... MBAI] we are inclined to direct the Assessing Officer delete the additions made in this case. Accordingly, ground raised by the assessee is allowed. - ITA NO.620/MUM/2021 - - - Dated:- 6-1-2023 - Shri Aby T. Varkey, Hon'ble Judicial Member And Shri S. Rifaur Rahman, Hon'ble Accountant Member For the Assessee : Ms. Hiral Sejpal For the Department : Mr. Asif Karmani ORDER PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee against order of the Learned Commissioner of Income Tax (Appeals)-47 [hereinafter in short Ld.CIT(A) ] dated 25.02.2021 for the A.Y.2014-15. 2. Brief facts of the case are, assessee is an individual having source of income from business income, income from house prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld like to further rely on the jurisdictional High Court in the case of CIT vs Vedanta Towers Private Limited ITA no. 819 of 2015 dated 17.04.2018. The issue before the Hon'ble court was whether the Hon'ble tribunal was correct in interpreting section 68 to hold that the AO was not entitled to inquire into the source of source to come to the conclusion that a particular credit was not genuine. The Hon'ble Tribunal in the order dated 21 January 2015 had deleted the addition made u/s 68 by the assessment officer. The Hon'ble tribunal had held that the assessee had discharged the onus placed on it u/s 68 of the IT act by submitting the gift deed. Proof of filing ITR, Bank. statements, PAN, the address etc. The Hon'ble trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO is not entitled to inquire into source of source to come to the conclusion that a particular credit was genuine or not, in the instant case the AO in order has stated that bank statements of the donor reveals cash deposit before the gift is given to the appellant, which clearly shows that the AO is questioning the source of source. 2.2 The appellant would like to further rely on the jurisdictional High Court in the case of CIT vs. Vedanta Towers Private Limited ITA no. 819 of 2015 dated 17.04.2018. The issue before the Hon'ble court was whether the Hon'ble tribunal was correct in interpreting section 68 to hold that the AO was not entitled to inquire into the source source to come to the conclusion that a particular cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paper book page 8-9 she has also submitted the copy of computation of income, Capital A/c balance sheet of the donor wherein the capital account reflects the gift given to Usha Ghadia of Rs. 2,55,000/- further it can also be seen that the donor herself has reported income of Rs. 1,01,470/- in the current year's agriculture income, similarly the same including with accumulated agriculture income of previous years have been deposited in the bank before giving the gift to the appellant. 2.5 The Appellant craves leave to further substantiate the ground at the time of hearing. 3. After considering the submissions of the assessee Ld.CIT(A) dismissed the ground raised by the assessee with the observation that donors are not asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived by the assessee. Further, he submitted that the assessment under consideration is abated assessment and Ld.CIT(A) is not supposed to check source of source and assessee has provided all the details including the gift deeds and all the details relevant to prove the capacity, genuineness of the parties before tax authorities. He submitted that all the relevant informations are filed in the form of Paper Book, Assessee also established the identity of the donors who are close relatives of the assessee. Assessee also submitted additional evidences before us which is placed in the form of Paper Book Page No. 1 to 8 in which assessee has submitted affidavit from Smt Bhanuben B. Patel and affidavit of Smt Champaben Sojitra and holding of S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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