Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Addition in respect of gift receipt - merely by giving evidence ...

Income Tax

September 11, 2016

Addition in respect of gift receipt - merely by giving evidence of identity and credit worthiness of donor, genuineness cannot be taken to be established automatically, 'therefore, test of human probability assumes importance so as to show that there were reasons which prompted the donor to forgo his hard earned capital in favour of the donee - AT

View Source

 


 

You may also like:

  1. 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...

  2. Addition in respect of gifts of immovable properties - assessee submitted that mistake of the accountant as journal entries were wrongly made to the credit side of the...

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

  4. Addition u/s 68 - it is seen that the this Gift is given from donor's NRE bank account maintained with Axis Bank. It entails particulars of cheque number, date of giving...

  5. Addition u/s 68 - share capital and share premium - allegation regarding identity and creditworthiness - non appearance of director - addition cannot be sustained merely...

  6. Addition regarding gift received from father - Father is not filing ITR having agriculture income - merely because a person, giving gift to his son, is not filing return...

  7. Additions on account of cash deposited in bank account - receipts of gifts - since the gifts in the instant case are received from parents, brother and spouse,...

  8. CENVAT credit - photo frames given as a gift in Diwali institutional packs - the same would fall within the ambit of “manufacture” - credit allowed - AT

  9. Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

  10. Addition u/s 68 - Unexplained loan - Neither any written contract nor any identity of the Creditor, having been established in the present case, we cannot find any fault...

 

Quick Updates:Latest Updates