Home Highlights January 2012 Year 2012 This

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1. Business expenditure - sales promotion - the entire scheme (promotion scheme) was governed by the scheme put in place by M/s. Tata Steels, and that purchases of the...

2. Expenditure owing to distribution of gifts to members/staff - expenditure allowed - AT

3. Capital gain on property gifted - Execution of sale deed instead of gift deed wrongly in favor of Daughter in law (DIL) - DIL has not paid the amount as mentioned in the...

4. Addition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income u/s.56(vi) - simply because husband has treated his loan as a gift to his...

5. Sales promotion expenses - expenditure with respect to the gold chains being distributed - expenditure allowed - AT

6. Bogus sales promotion expenses - The details of MR's who distributed the gifts also therefore does not establish the fact of gift having been actually distributed by the...

7. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

8. Addition towards gift - Sale of land - the transactions of gift of shares and transactions relating to sale of land - transfer of land arose during Asst. Year 2009-10...

9. Addition of gift u/s 56(2)(vii) - gift been received by the assessee directly from the uncle - The only reason to treat the same as the income of the assessee is that...

10. Various doubts related to treatment of sales promotion scheme under GST clarified

11. Unexplained investment – Gifted jewelleries cannot be treated as unexplained as the same is duly supported by such corroborative evidence like gift certificate etc. - AT

12. 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...

13. Addition u/s 68 - receipt of gift - the primary onus to establish the identity and creditworthiness of the concerned donors as well as the genuineness of the relevant...

14. Reopening of assessment u/s 147 - transfer of shares as gift - While initially contention of the petitioner that such transfer of shares was a gift without consideration...

15. Gift u/s 56(2)(v) - Gifts/awards on winning of the Olympic Medal - in the case of the assessee, viz., Shri Abhinav Bindra, all the rewards/prizes/gifts received by him...