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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Undisclosed income - on occasions such as marriage the parents ...

Income Tax

March 10, 2015

Undisclosed income - on occasions such as marriage the parents and parents-in-law of a bride do normally gift jewelery to the bride. On occasion such as this, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewelery. One has to proceed on the basis that it is genuine. - 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. Application of section 56(2)(vi)(b) - taxability of gifts received on occasion of the marriage his daughter – The expression “marriage of the individual“ is unambiguous...

  3. Cash deposits during demonetization period u/s 69A - So far as the gift of grand parent is concerned we are quite convinced that the family has financial worth to gift...

  4. Shoguns received on marriage taxable as gift - Shoguns were given to assesse and not to daughter, logically cheque should be in bride name - No details provided which...

  5. Proceedings u/s 153C - when there is a customary practice in this part of the country to give and receive gifts on the occasion of marriage, in the absence of any other...

  6. Disallowance of expenditure of an amount paid as Tips & Baksis by the bank to casual workers on festive occasion - The disallowance arbitrarily unjustified. - AT

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  10. Deduction u/s 80HHE - there is no occasion to exclude 90% of the amount attributable to export gains from the foreign exchange rate fluctuation - HC

 

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