Home Highlights August 2014 Year 2014 This

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1. Unexplained gifts - Donee denied to make gifts - burden to prove - The High Court has held that, gifts are not genuine and Tribunal has deleted the addition merely only...

2. Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

3. Addition u/s 68 - gift received from mother-in-law - Once the gift is treated as genuine, it is immaterial what the assessee does with that money thereafter. - Since the...

4. Unexplained income - unexplained money under section 69A - gifts received by the assessee from brother and sister - It is a general practice followed that in time of...

5. Bogus share transactions - Addition u/s. 68 r.w.s. 115BBE - If it is to be held that assessee has routed his own unaccounted money, then there has to be some material to...

6. Unexplained money u/s. 69A - AO rubbished the entire transaction by dismissing the gift as the same was not evidenced by a registered gift deed - By no stretch of...

7. Addition of gifts u/s. 68 - genuineness of the gifts - unable to produce the donor - The document produced by the assessee that is bank statement, ITR, Gift deed, bank...

8. Unexplained investment – Gifted jewelleries cannot be treated as unexplained as the same is duly supported by such corroborative evidence like gift certificate etc. - AT

9. Addition u/s 68 - it is seen that the this Gift is given from donor's NRE bank account maintained with Axis Bank. It entails particulars of cheque number, date of giving...

10. Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

11. Addition u/s 68 - unexplained gifts received from family members - The Appellate Tribunal found that the assessee had provided sufficient evidence to establish the...

12. Disallowance on loss on shares - colourable device - when all the parties to the transaction are genuine and the intention of the assessee in subscribing to the...

13. Unexplained gifts - the gifts in question suffer from improbabilities which cannot be held as normal human conduct and the AO had rightly held the gifts to be...

14. Disallowance of interest u/s 40A(2)(b) - money was first diverted by the assessee from his business as a gift to the three persons and thereafter the same money was...

15. Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other...