Home Highlights March 2019 Year 2019 This

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1. Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

2. Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

3. Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'....

4. Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial...

5. 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...

6. 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...

7. Addition u/s 56(2)(vii)(a) - When the revenue has accepted the amount as loan in the hands of other party, the Revenue cannot take up a contrary stand and treat the same...

8. Unexplained investment u/s 69 - Amount advanced by M/s. KSR Constructions to the assessee has to be construed as the amount given by M/s. KSR Constructions on behalf of...

9. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

10. Revision u/s 263 by CIT- Taxability of shares received by way of Gift - The order of ld AO is not erroneous as Gift of shares of the Wockhardt Limited are not chargeable...

11. Addition invoking the provisions of Section 56(2)(ix) - advances received - AO observed that, the assessee had no intention to repay the creditors - The present case,...

12. Addition as income from other sources - Stamp value in excess of consideration price - gift of flat to a grandson - Addition made against the clubbing of income u/s...

13. Addition u/s 68/56(2)(v) - Donors very grim financial background does not justify gift of such a large sum, creditworthiness/financial capacity of donors not proved....

14. Addition u/s 56(2)(viia) - deemed gift - Since the transaction of sale and purchase of shares is between related parties and both the companies are companies in which...

15. Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...