SUNIL BHASEEN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee has preferred this appeal under s. 260A of the IT Act, 1961 (for short, the Act) against the order of the Tribunal, Amritsar Bench, Amritsar passed in ITA No. 371/Asr/2006 for the asst. yr. 2000 -01, served upon the appellant

(2.) THE assessee received gift of Rs. 5 lacs from one Suresh Bajaj. The AO reopened the assessment on receiving information that in fact, the gift relied upon by the assessee represented his income. The assessment was made accordingly. The said view was affirmed by the CIT(A) as well as the Tribunal. The Tribunal, inter alia, observed as under :

(3.) WE have heard learned counsel for the assessee and perused the record.