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2012 (8) TMI 300 - AT - Income TaxAddition u/s 68 - gifts received from NRI - Held that:- It is observed that assessee discharged onus of providing relationship with donor, his identity, capacity and other necessary conditions through producing donor himself, his confirmation as well as proof of relation, bank statement, passport details, salary certificate. Accordingly, we hold that the assessee’s plea of having received gift deserves acceptance. Addition u/s 68 - unsecured loans - Held that:- Assessee has to prove capacity of the creditor as well as to establish creditworthiness of the transaction with some supporting evidence. In this case, only identity of the creditors has been established and not creditworthiness in lending the money. Therefore, in absence of evidence to prove relationship as well as proof of credit paid to the assessee, addition is confirmed - Decided partly in favor of assessee.
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