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2010 (10) TMI 322 - AT - Income TaxAddition on account of gifts - gifts from the relatives received out of maturity proceeds of 10% RBI Relief Bonds 1995 - after retiring from partnership firms he worked for some time as marketing executive and thereafter he was doing free lancing at a monthly income of Rs. 6,000/- to Rs. 7,000/- per month till the year 2000. Thereafter he had joined M/s.Set India Pvt. Ltd. as Web Designer at annual package of Rs.2.25 lacs which was raised to Rs. 4 lacs in the year 2005 in which year he joined M/s. Credance Analytics Pvt. Ltd. at annual package of Rs.4.25 lacs - genuineness of gifts cannot be doubted - plea of the revenue that the gifted amount is the accumulated income of the assessee in the name of donors and had been gifted to him as per his suggestion, the amount could not be taxed as the source is explained - income of the assessee if at all diverted to the donors, related to the years prior to 1992 and could be taxed only in these years - Decided in favor of the assessee
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