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Income Tax - Highlights / Catch Notes

Home Highlights August 2020 Year 2020 This

Addition of gifts u/s. 68 - genuineness of the gifts - unable to ...

Income Tax

August 14, 2020

Addition of gifts u/s. 68 - genuineness of the gifts - unable to produce the donor - The document produced by the assessee that is bank statement, ITR, Gift deed, bank accounts established that the gift received by the assessee is not genuine and is only to circulate his own money in the garb of gift and to evade the tax which is highly unlikely and against the human probability. - AT

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  2. 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...

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  4. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

  5. 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...

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  10. 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

 

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