Home Highlights March 2014 Year 2014 This

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1. Foreign gifts received - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

2. Gift from stranger - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

3. Deletion of LTCG as non-genuine - transactions in shares - Deletion of undisclosed commission paid for arranging accommodation entries - assessee proves that...

4. Unexplained gifts - Donee denied to make gifts - burden to prove - The High Court has held that, gifts are not genuine and Tribunal has deleted the addition merely only...

5. Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other...

6. Unexplained gifts – Donee denied to make gifts – transaction is not genuine but colorable – money is routed indirectly from the firm to the assessee's account under...

7. Undisclosed income u/s 68 - genuine or bogus gifts - The assessee failed to produce the donor as also his bank statement to prove that gift was actually given by the...

8. Bogus purchases - addition made towards entire bogus purchase - Assessee has literally wasted precious time of the AO by once again issuing notices and summons to the...

9. Addition of gifts u/s. 68 - genuineness of the gifts - unable to produce the donor - The document produced by the assessee that is bank statement, ITR, Gift deed, bank...

10. Addition u/s 68 - gift received from mother-in-law - Once the gift is treated as genuine, it is immaterial what the assessee does with that money thereafter. - Since the...

11. Genuineness of gift - The gifts were found to have been made without any occasion or out of love and affection and it were rightly considered by the AO as not genuine - HC

12. Penalty u/s 271(1)(c) - Addition on account of non-genuine gifts - Penalty proceedings are separate and independent. It is an admitted fact that assessee offered the...

13. Addition u/s.68 - gift - When however, large amounts are stated to have been gifted, that too by a person having no blood relation with the assessee, the question of...

14. Addition of sum received as "Gift" by the assessee from his "father" - The donor is about 85 years old and the amount has been gifted to his own son through a gift deed...

15. Additions towards Undisclosed profit made on the basis of the seized documents - ITAT deleted the additions - Now, look at the reasons given by the tribunal. It cast a...