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Income Tax - Highlights / Catch Notes

Home Highlights November 2018 Year 2018 This

Addition u/s 68 - it would be reasonable to believe the ...

Income Tax

November 14, 2018

Addition u/s 68 - it would be reasonable to believe the contention of the assessee of having received the initial finance from his father by way of a gift - Therefore, the genuineness of the transaction and also the creditworthiness of the father has been established.

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

  2. Addition of sum received as "Gift" by the assessee from his "father" - The donor is about 85 years old and the amount has been gifted to his own son through a gift deed...

  3. 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

  4. Addition of income being gift of India Millennium Deposit received as unexplained credit u/s 68 - genuinity stands proved - no addition - AT

  5. 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...

  6. 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,...

  7. Additions u/s 68 - gift received - both the assessees have failed to discharge the initial burden of proof placed upon them u/s 68 of the Act. - additions confirmed - AT

  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 deposits - genuineness of gift received by the father from his daughter - As per the provisions of section 56 the father and daughter comes in the definition...

  10. Non disapproving the documents furnished by the assessee to discharge the initial burden placed upon it u/s 68 - additions deleted - AT

 

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