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Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Validity of Tribunal’s order - Genuineness of gift – Rarely one ...

Income Tax

December 9, 2014

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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  1. 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

  2. Gift from brother - Creditworthiness and genuineness of donor - The assessee could not produce the statement of cash flow to show that the gift was genuine one -...

  3. Penalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – the explanation given by the assessee is totally false -...

  4. 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...

  5. Additions on account of cash deposited in bank account - receipts of gifts - since the gifts in the instant case are received from parents, brother and spouse,...

  6. Validity of remanding the matter to the Assessing Authority - the first appellate authority has adjudicated the controversy on merits and therefore, the tribunal, which...

  7. 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

  8. Undisclosed income u/s 68 - Genuineness of Gift - Tribunal erred in law in dismissing the appeal only on the ground that since the 3rd Member had agreed with the...

  9. 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...

  10. Genuineness of gifts received from different sources - All the donors were assessed to tax except one who was based at USA - Identity of the donors so also...

 

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