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TMI Blog2023 (4) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... al contribution made from this is therefore, accepted as explained. We also refer to the CBDT Circular no. 1916 (supra) wherein gold ornaments up to 500 gms for a married woman are accepted as permissible. Thus, the addition made in this respect is directed to be deleted. Capital contribution out of gift received from the deceased father of the assessee - As the contents of the gift deed as narrated by the Ld. Counsel explains the nature and source of the said gift made to the assessee. The deceased father was an income tax assessee having PAN. Considering these facts on record, capital contribution by way of gift from the deceased father is accepted and the addition made thereon is directed to be deleted. Other two components of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER For the Appellant : Shri T. N. Dutta, Advocate For the Respondent : Shri P. P. Barman, Addl. CIT ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A)-13, Kolkata vide appeal No. 307/CIT(A)-13/Kol/Cir-44/2015-16 dated 31.08.2016 (Corrigendum order passed by Ld. CIT(A)-13 dated 26.09.2017) against the order of Ld. ACIT, Circle-44, Kolkata passed u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the Act ), dated 08.03.2016. 2. Grounds taken by assessee is reproduced as under: 1. For that the order is arbitrary, Prejudice and against the weight of evidence on record and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appealed against is noted as 01.02.2018. Thus, a gap of more than one and half years was observed in the said time line. For this, Ld. DR was directed to call for a report from the office of Ld. CIT(A) about the service of order on the assessee. In this respect, Ld. Sr. DR submitted a copy of Tear off acknowledgment slip on which a rubber stamp of date 01.02.2018 is affixed stating receipt of the order in the office of Pr. CIT, Kolkata-15. On the same document, a hand written note is placed which states that record shows at least one tear off acknowledgment bearing Acknowledgment No. 307/2015-16 was served on 01.02.2018 - apparently overwritten - very doubtful . On this note, Ld. Sr. DR could not state anything in clear terms. There is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which comprises of the following:- i) By sale of ornaments of spouse (Rs.2770/-per gram x 70 4 gms.) Rs.19 ,50 ,50 0/- ii) Gift from father out of sale of rice seeds and agriculture activity Rs.10 ,77 ,15 0/- iii) From surrender value of mutual fund of LIC Rs. 2 ,25 ,000/- iv) Out of personal savings and drawings from past Rs. 9 ,46 ,500/-Rs.41 ,99 ,15 0/- 4.2. Ld. Counsel referred to the remand report called by the ld. CIT(A) in the course of first appellate proceeding wherein details have been noted by the Ld. AO which is reproduced in the order of Ld. CIT(A). He submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... standard of the assessee and his spouse as well as regular returns filed by her, quantity of gold ornaments upto 500 gms are considered to be acceptable in view of CBDT Circular No. 1916 dated 11.05.1994. 4.5. In respect of gift received from the deceased father of the assessee, Ld. Counsel referred to copy of gift deed placed at page 15 of the paper book wherein the source of gift is stated to be accumulated income from sale of rice seeds and oil seeds generated from agriculture land and funds standing to the credit of family cash balance. It is also stated in the gift deed that deceased father of the assessee is an income tax assessee having PAN AXNPD4574G and the gift is made out of his past savings from agriculture business. The gif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the form of gold ornaments are received. Considering the financial status and standing of the assessee coupled with regular returns filed by the spouse of the assessee having income from business, sale of ornaments of 704 gms cannot be doubted and the capital contribution made from this is therefore, accepted as explained. We also refer to the CBDT Circular no. 1916 (supra) wherein gold ornaments up to 500 gms for a married woman are accepted as permissible. Thus, the addition made in this respect of Rs. 19,50,000/- is directed to be deleted. 6.1. Further, in respect of capital contribution out of gift received from the deceased father of the assessee amounting to Rs. 10,77,150/-, the contents of the gift deed as narrated by the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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