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Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Addition u/s 68 – Amount claimed to be exempted as gift received ...

Income Tax

December 18, 2014

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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  1. Addition u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

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  3. Addition of income being gift of India Millennium Deposit received as unexplained credit u/s 68 - genuinity stands proved - no addition - AT

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