PAWAN KUMAR AGGARWAL Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) C.M. 59/2003

(2.) As is apparent from the question itself, the finding of the Tribunal is factual and the issue is whether the aforesaid finding is perverse.

(3.) The appellant is an individual and father of minor Aushi Aggarwal, whose income was to be clubbed in terms of Section 64(1A) of the Act. It is an accepted and admitted position that Aushi Aggarwal had invested Rs.1 lac and Rs.5,000/- in Prayag Polymers (P) Ltd. on 18th August, 1992. The Assessing Officer called upon the assessee to explain the source of the said deposit made by the minor Aushi Aggarwal. The appellant-assessee, to explain the same, filed and relied upon declaration of gift purportedly executed by one Bhupinder Kumar, resident of Germany, who was maintaining a non-resident external account in Citibank N.A., New Delhi. The said declaration records that gift of Rs. 1 lac has been made out of natural love and affection. The assessee also filed a copy of the bank account statement of Bhupinder Kumar, the cheque prepared by Bhupinder Kumar for issue of banker's cheque in favour of Aushi Aggarwal. The said bank had issued a certificate dated 10th August, 1992 certifying that Aushi Aggarwal had been paid an amount of Rs.1 lac by debit to the nonresident external account of Bhupinder Kumar. The Assessing Officer, however, did not accept the said explanation for various reasons set out in the assessment order and treated the purported gift of Rs.1 lac as assessee's own income from undisclosed sources.