Dhruv Sanjay Gupta Vs JCIT (ITAT Mumbai)
Assessee got married on 08.12.2012 & had received gift on occasion of his marriage, consisting of Rs.2 Crores from Shri AKG & Rs 11,35,523/- from Shri SJ. Assessee claimed that he received the said gifts on the occasion of his marriage. Shri AKG is his first cousin from the paternal grandfather & amount was received by cheque dated 08.12.2012 drawn on Royal Bank of Scotland, Chennai branch, India. A memorandum of gift dated 08.12.2012 was executed for the said gift. The cheque for the gift was cleared & credited to the bank account of the assessee on 18.12.2012, i.e., after the date of marriage. The second gift of US$ 21,000 equivalent to Rs.11,35,523 was received from Shri SJ, a family friend from Singapore by cheque dated 04.12.2012 drawn on Uco Bank, Singapore was gifted vide a gift deed dated 04.12.2012. The said cheque was cleared on 02.01.2013. According to the assessee, these gifts were received on the occasion of his marriage & therefore, is exempted under the proviso to section 56(2)(vii).
According to AO, these gifts were received by the assessee after the occasion of the marriage, based on dates of clearing of cheques & amount getting credited to the bank account of the assessee thus holing that these transactions of gift received by the assessee are sham transactions wherein assessee has been used as a benami to build up his capital.
