R.N. JAIN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Admit. The following question of law arises for consideration:-

(2.) The filing of paper book is dispensed with. With the consent of the learned counsel for the parties, we have heard the matter finally.

(3.) The appellant had received a gift of US$ 15,000 amounting to Rs. 6,98,775 from Mrs. Madan Mohini Jain, a resident of Canada. She is known to the appellant for the last 25 years and is aunty of the appellant. The appellant had submitted documents in support of identity as well as genuineness of the gift such as copy of passport of the donor, affidavit of the donor, copy of computer generated bank statement of the donor and also copy of letter received from the donor along with bank draft. Copies of bank pass book of the appellant were also submitted. The Assessing Officer duly accepted the identity of the donor. He, however, added the amount as income of the appellant under section 68 of the Income-tax Act alleging that genuineness and creditworthiness of the donor had not been proved. CIT(A) also upheld the addition.