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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Non-genuine gifts - additions u/s 68 - The Tribunal has, after ...

Income Tax

May 9, 2015

Non-genuine gifts - additions u/s 68 - The Tribunal has, after appraising the affidavit and the statements, recorded a plausible finding - Revenue is unable to point out any misreading of evidence or perversity in the process of reasoning as would enable us to interfere with the findings of fact recorded by the ITAT - HC

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  1. Addition in respect of the gift received as unexplained cash credits as well as non-genuine - HC

  2. 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

  3. 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 -...

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

  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. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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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