TMI BlogAddition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income...Addition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income u/s.56(vi) - simply because husband has treated his loan as a gift to his wife, cannot be the reason for drawing a similar conclusion for unrelated parties that the other persons will also convert their loan to gift, especially when in the books of account amount has been reflected as loan. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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