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 June 2021 Year 2021 This

Addition of gift u/s 68 - there is no discrepancy in the Gift to ...


Gift u/s 68 Upheld: No Discrepancy Found in Director's Gift from Brother, Additions Rightly Deleted by CIT(A.

June 23, 2021

Case Laws     Income Tax     AT

Addition of gift u/s 68 - there is no discrepancy in the Gift to the director of the assessee company. The donor is the real brother of recipient of the Gift. - CIT(A) has rightly deleted the additions - AT

View Source

 


 

You may also like:

  1. The assessee successfully discharged the onus u/s 68 regarding share capital introduced by the company director, a major shareholder, proving identity, creditworthiness,...

  2. The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

  3. Addition u/s 68 - The CIT(A) has observed that the transactions was part of the turnover/sale, whereas the addition has been made under Section 68 of the Act without...

  4. CIT(A) did not violate Rule 46A by admitting evidence not produced before AO, as Rule 46(4) permits Appellate Authority to call for evidence. CIT(A) rightly deleted...

  5. 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...

  6. Assessment u/s 153A - Unexplained investment in hotel construction rejected as the material found during search pertained to another person, not the assessee. CIT(A) had...

  7. ITAT ruled against addition under s.68 regarding unexplained cash credits from company directors. Directors made payments to 169 individuals for property acquisition on...

  8. The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

  9. Addition u/s 68 - proof of source of the donor - Gift from his brother (relative) - The assessee had not proved his brother's source of income to the Department - demand...

  10. The Tribunal held that based on the financial parameters and risk profile, the assessee qualifies as a developer rather than merely a contractor u/s 80IA of the Income...

  11. Additions u/s 68 - unexplained unsecured loans - CIT(A) had rightly deleted the addition towards loans received from the companies in the same group

  12. Addition u/s 68 - Gift received from the brother treated as undisclosed income - Admittedly, the cross transaction between the brothers can create a suspicious but that...

  13. Addition on account of low GP - cause and effect relationship between the defect found by the AO and the addition made - AO rejected the book results as unreliable, but...

  14. Annual letting value (ALV) of unsold residential units treated as stock-in-trade was added as income from house property. CIT(A) deleted the addition. High Court...

  15. Protective addition made by Assessing Officer was not sustainable as substantive addition did not survive in concluded assessment proceedings of related party. CIT(A)...

 

Quick Updates:Latest Updates