Law:

Section:

Section 68, read with section 260A, of the Income-tax Act, 1961 - Cash credits - Assessment year 1994-95 - Assessee in respect of two amounts deposited in his bank account stated before Assessing Officer that these amounts were received by way of gifts from two NRIs and in support of it he filed copies of gift deeds, affidavits of donors, etc. - Assessing Officer observing that assessee could not establish any relationship with so-called donors, added said amounts to his income under section 68 - First appellate authority recorded a categorical finding that by producing aforementioned documents assessee had discharged onus which lay on him with regard to genuineness of gifts and deleted addition made by Assessing Officer - Tribunal upheld impugned order - Whether inference drawn by appellate authorities, on appreciation of evidence, was factual giving rise to no question of law much less a substantial question of law - Held, yes FACTS The assessee in respect of two amounts deposited in his bank account stated before the Assessing Officer that these amounts were received by him by way of gifts from two NRIs and in support of it he filed copies of the gift deeds, affidavits of the donors, extracts from their bank accounts and bank certificate with reconfirmation letters. The Assessing Officer observed that the assessee could not establish any relationship, natural or man-made, with the so-called donors and added the said amounts to the total income of the assessee under section 68. On appeal, the Commissioner (Appeals) taking note of the contents of the gift deeds, that the gifts had been given by the donors to the assessee out of natural love and affection and the affidavits which disclosed their names and complete addresses, passport numbers, NRE bank account numbers and the sources of income, concluded that the assessee had fully discharged the onus which lay on him and there was no evidence on record to dispute the genuineness of the aforenoted gifts. He, thus, deleted the addition made by the Assessing Officer. On further appeal, the Tribunal upheld the impugned order observing that the aforementioned evidence adduced by the assessee was neither controverted…

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