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Income Tax - Highlights / Catch Notes

Home Highlights May 2014 Year 2014 This

Genuineness of foreign gifts – there being neither any ...

Income Tax

May 30, 2014

Genuineness of foreign gifts – there being neither any relationship nor there being any circumstance to show natural love and affection of the donor for the donee nor there being any occasion to make such gifts to the assessee - additions confirmed - HC

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  2. Additions u/s 68 and 69 - genuineness of foreign gift - donor made contradictory versions about his relationship with the donee. But the sum and substance of his version...

  3. Unaccounted gifts - creditworthiness of donor and genuineness of gift is not proved because the assessee had no direct relationship with the donor and in the absence of...

  4. Validity of Tribunal’s order - Genuineness of gift – Rarely one finds a poor man giving gifts to a rich and powerful, out of natural love and affection - HC

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  6. 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

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  8. Addition u/s 68 – Amount claimed to be exempted as gift received from non-resident Indians - genuineness of the transaction is not established by the assessee - HC

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