SACHIN RANGNATH KHATAL,AHMEDNAGAR vs. ITO, WARD-2, AHMEDNAGAR, AHMEDNAGAR

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ITA 1090/PUN/2023Status: DisposedITAT Pune28 February 2024AY 2015-16Bench: SHRI SATBEER SINGH GODARA (Judicial Member)2 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the exemption under the 4th Proviso Clause-(b) to Section 56(2)(vii) applies only to gifts received 'on the occasion of the marriage of the individual'. Since the cash was received before the marriage date of December 17, 2014, it did not qualify for the exemption.

What were the facts?

The assessee received cash sums amounting to Rs. 24,00,300/- in June 2014. The Assessing Officer made an addition under Section 56(2)(vii) of the Income Tax Act, which was upheld by the NFAC. The assessee appealed this addition.

What were the issues?

Whether cash received by an individual before the date of his marriage qualifies for exemption under Section 56(2)(vii) of the Income Tax Act as a gift received on the occasion of marriage.

Which sections of the Income-tax Act were involved?

Section 56(2)(vii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE “SMC” BENCH : PUNE [VIRTUAL HEARING]

Before: SHRI SATBEER SINGH GODARA

Hearing: 28.02.2024Pronounced: 28.02.2024

BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.1090/PUN./2023 [E-APPEAL] Assessment Year 2015-2016 Shri Sachin Rangnath The Income Tax Officer, Khatal, Ahilyadevi Nagar, Ward – 2, Income Tax Office, AP Takali Manur, Taluka Behind Natraj Hotel, Pathardi, Ahmednagar. vs. Ahmednagar – 414 001. PIN 414 102. Maharashtra. PAN BEJPK8767C Maharashtra. (Appellant) (Respondent) For Assessee : Shri Prateek Jha & Prayag Jha For Revenue : Shri B.S. Rajpurohit Date of Hearing : 28.02.2024 Date of Pronouncement : 28.02.2024 ORDER PER SATBEER SINGH GODARA, J.M. : This assessee’s appeal for assessment year 2015-16, arises against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/2023- 24/1056319394(1), dated 20.09.2023, involving proceedings u/s. 147 of the Income Tax Act, 1961 (in short “the Act”).

Heard both the parties at length. Case file perused.

2.

Coming to the assessee’s sole substantive grievance raised in the instant appeal challenging sec.56(2)(vii) addition of Rs.24,00,300/- made during the course of assessment as upheld by NFAC’s order, Mr. Jha vehemently argued that the same indeed deserves to be exempted as per 4th Proviso Clause-(b) there under since it had been received “on the occasion of the marriage of the 2 ITA.No.1090/PUN./2023 individual”. This tribunal finds no merit in the assessee’s foregoing sole argument once it has come on record that he had deposited the impugned cash sums in June 2014 whereas his marriage got solemnized on 17.12.2014. It is reiterated that the clinching statutory expression herein is that the foregoing exemption provision only talks about “occasion of the marriage of the individual” rather than anything before or after that. I accordingly accept the Revenue’s vehement contentions supporting the impugned addition. Both the learned lower authorities orders in making the impugned additions are confirmed. Ordered accordingly.

3.

This assessee’s appeal is dismissed in above terms.

Order pronounced in the open Court on 28.02.2024.

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