Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 620 - AT - Income TaxReceipt of Gift as remission of liability and hence taxable u/s. 41(1) - Held that:- The gift is given by a person to another person who is personally related to him, the remission of trading liability takes place in business relationships taking place only due to adverse business situation faced by a business concern. In the instant case, nothing was brought on record by the department to show that the assessee's business was in critical condition, which would warrant remission of liability for its survival - assessee has declared an income of Rs. 16,13,228/- during the year under consideration, which fact shows that the business of the assessee was in healthy condition - in favour of assessee.
|