Case Law Details
RELEVANT PARAGRAPH
14. We have considered the rival submissions and perused the material on record. In our considered view, the order passed by the Id. CIT(A) cannot be sustained. The undisputed facts are that gift was given by two persons namely, Smt Badrun-nisan Hanfi and Shri Habib-bur Rehman, who were claimed to be related to Shri Sirajul Hassan Hanfi, who was stated to be composer contractor with the company M/s Gyan Securities Pvt Ltd, whose director is the assessee. He worked with the company as a contractor between 1970s and early 80s. Thereafter, Shri Sirajul Hassan Hanfi shifted to Jeddah, Saudi Arabia. Somewhere in the financial year 1993-94, wife of Shii Siiajul Hassan Hanfi and maternal son-in-law of Sfari-Siraju J Hassan Hanfi chose to give gifts of Rs.6 lakhs and Rs.7,40,000/ -respectively to the assessee from their alleged NRE accounts. 15. The facts argued in favour of the gifts being genuine are:
(i) Gifts were transferred through banking channels.
(ii) Existence of NRE accounts from which gifts were given are not disputed,
(iii) The credits into NRE accounts came from outside India,
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