9911796707
TMI Blog2003 (11) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... e, it relates back to the date when such cheque is accepted and not when it is not deposited or encashed. The Hon ble Supreme Court in the case of CIT vs. Ogale Glass Works Ltd.[ 1954 (4) TMI 3 - SUPREME COURT] has laid down to this extent. Since the cheque in question was received by the assessee prior to the close of the financial year, we are satisfied that the issue for consideration of the genuineness of the gift arose in this very year. In our considered opinion, the learned CIT(A) erred in considering that the date of receipt is one falling in the subsequent assessment year. His order is, therefore, reversed to this extent. Coming to the merits of the case, it is found that the addition was made by the AO on the same facts as were pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eck and also a fax copy of letter from Sh. Mohinder Handa. The AO noted that no affidavit from Sh. Mohinder Handa was filed. It was also noted that the source of the person making gift or his capacity had also remained unauthenticated. Based on these facts, the AO made the addition for the said sum. For the amount of Rs. 61,788, it was explained by the assessee that it arose from foreign gift received from Sh. Piara Singh Johal on 24th Feb., 1994 to the extent of 2450 US Dollars. In support of the genuineness of the transaction, the assessee furnished photocopy of cashier's check and a copy of the letter from Sh. Piara Singh Johal affirming the making of the gifts. The AO found that the said person was not related to the assessee and al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) while disposing of the appeal of Sh. Narinder Kumar Sekhri had relied on his order in the case of Sh. Subhash Chander which, in turn, forms the basis of the impugned order. While taking us through the order passed by the Tribunal in the case of Narinder Kumar Sekhri, in ITA No. 682/ASR/1997, copy placed in the paper book, learned authorised representative contended that the addition made on account of foreign gift was deleted. Copy of the order passed by the CIT(A) in the case of said Sh. Narinder Kumar Sekhri was also produced before us. It was contended that the donor Sh. Handa had closer relations with the assessee's family and as a result of gesture to repay the gratitude, he had gifted small sums for which the necessary certifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the rival submissions and perusing the relevant material on record, it is obvious that insofar as the gift of Rs. 1,85,000 received from Sh Handa through proper banking channel is concerned, the AO had made the addition without rebutting assessee's explanation. He had not adversely commented upon the evidence furnished by the assessee. Nothing has been shown that the money received by the assessee by way of gifts was in fact assessee's own money which was routed to his account by way of gifts. It is true that the assessee had furnished declaration from the donor alongwith certificate from his bankers to the effect of his having made the gifts to the assessee. If the AO was not satisfied with the same, he should have proceede ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... May, 1994, which falls in the previous year relevant to the asst. yr. 1995-96. The reason advanced by the CIT(A) in support of his action is that the amount was credited in the next year. From the facts, it transpires that the said cheque of 2450 US Dollars received by the assessee is dt. 24th Feb., 1994, and it was sent by the assessee to bank for collection on 4th April, 1994, and ultimately proceeds were credited on 20th May, 1994. The learned counsel for the assessee was required to indicate the actual date of receipt of cheque by the assessee from Sh. Piara Singh Johal. It was admitted that it might have been received prior to 31st March, 1994, but at the same time maintaining that proceeds were actually credited in the previous year r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
