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Income Tax - Highlights / Catch Notes

Home Highlights August 2014 Year 2014 This

Genuineness of gift – Unless the recipient has proved the ...

Income Tax

August 22, 2014

Genuineness of gift – Unless the recipient has proved the genuineness thereof, the gift can very well be treated to be an accommodation entry of the assessee's own money, which is not disclosed for the purpose of taxation - HC

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  3. Validity of Tribunal’s order - Genuineness of gift – Rarely one finds a poor man giving gifts to a rich and powerful, out of natural love and affection - HC

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  9. Genuineness of expenditure - Mere entries in the books of accounts does not establish the genuineness of the expenditure.

  10. Addition u/s.68 - gift - When however, large amounts are stated to have been gifted, that too by a person having no blood relation with the assessee, the question of...

 

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