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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Addition on account of unexplained gift - the amount of gift ...

Income Tax

June 21, 2016

Addition on account of unexplained gift - the amount of gift claimed to be received by the assessee from his mother is not satisfactorily explained by the assessee. Addition confirmed - AT

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  1. 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

  2. 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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