COMMISSIONER OF INCOME TAX Vs. KUSUM GUPTA

JUDGEMENT

(1.) Present appeal has been filed under Section 260A of Income Tax against the order dated 24th Act, 1961 (for brevity "Act 1961") October, 2008 passed by the Income Tax Appellate Tribunal, Delhi (in short "ITAT") relating to the assessment year 2001-2002.

(2.) Ms. Sonia Mathur, learned counsel for revenue submitted that ITAT erroneously deleted the addition of Rs. 60,00,000/- made by the Assessing Officer on account of unexplained gifts received by the assessee during the relevant accounting period. She further submitted that ITAT had not appreciated all the surroundings circumstances as the gifts did not meet test of human probabilities.

(3.) However, we find that not only was the genuineness of the two gifts established inasmuch as registered gift deeds were produced but also the statements of two donors along with the assessee were recorded. In fact, the tribunal in the impugned order has concluded on facts that the identity and creditworthiness of the donors was proved beyond doubt.