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2018 (8) TMI 731 - AT - Income TaxAdditions u/s 69A - Undisclosed income - failure to record transaction in bank accounts in the books of account - Additions u/s 68 towards bogus gifts received from parents - Held that:- only the combined peak credit of all the 8 bank accounts can be brought to tax in this case. As already stated, the assessee had submitted the statement showing the combined peak credit of all the bank accounts. As it is a matter of computation, we are of the view that this has to be verified. - Decided in favor of assessee. Additions on account of gift received - Held that:- The donors in this case happen to be the father and mother of the assessee. All necessary details were filed in this refund. Both the parents are income-tax assessees. Under these circumstances, in our view, no addition can be made in the hands of the assessee. If the donors could not prove their capacity, addition should have been considered in their hands but not in the hands of the assessee. - Decided in favor of assessee.
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