Home Highlights May 2016 Year 2016 This

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1. Addition of sum received as "Gift" by the assessee from his "father" - The donor is about 85 years old and the amount has been gifted to his own son through a gift deed...

2. Addition u/s 68 in respect of jewellery - It is not in dispute that what is received as gift is only jewellery. Hence, what is received is only gift in kind....

3. Addition of gift u/s 56(2)(vii) - gift been received by the assessee directly from the uncle - The only reason to treat the same as the income of the assessee is that...

4. Addition towards gift - Sale of land - the transactions of gift of shares and transactions relating to sale of land - transfer of land arose during Asst. Year 2009-10...

5. Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

6. Reopening of assessment u/s 147 - transfer of shares as gift - While initially contention of the petitioner that such transfer of shares was a gift without consideration...

7. 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...

8. Claim of gifts received - additions u/s 68 - the issue of gifts given in the earlier year cannot be examined for the year under consideration as it was part of the cash...

9. Addition u/s.68 - unexplained gifts received - When the provisions of Section 68 of the Act per se could not be made applicable, as no receipt of money was available...

10. Addition u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

11. Capital gain - transfer of capital asset u/s 2(47) - gift of property by the assessee to his sister out of natural love and affection - Clause (iii) of section 47 of the...

12. 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...

13. Short term capital gain - value of consideration in kind - transfer u/s 2(47) - the right to receive consideration in kind is not marred by any contingency - additions confirmed.

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

15. Revision u/s 263 by CIT- Taxability of shares received by way of Gift - The order of ld AO is not erroneous as Gift of shares of the Wockhardt Limited are not chargeable...