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 August 2021 Year 2021 This

Addition u/s 68 - So far as the two other donors are concerned, ...

Income Tax

August 19, 2021

Addition u/s 68 - So far as the two other donors are concerned, we find that both of them are agriculturist which is supported by their land holdings. The amounts of gifts are less than ₹ 1 Lacs in each of the cases which was below exemption limit of ₹ 2 Lacs. Therefore, there would be no obligation on the donors to file the return of income. The gifts are duly supported by the affidavits of the donors. - Additions deleted - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. Gift from brother - Creditworthiness and genuineness of donor - The assessee could not produce the statement of cash flow to show that the gift was genuine one -...

  4. Addition u/s 68 - The assessee has failed in establishing the creditworthiness of the donors, occasion for making the gifts and why and donors who were strangers and not...

  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...

  6. 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....

  7. 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

  8. 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...

  9. 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...

  10. Levy of GST on the service of display of name or placing of name plates of the donor in the premises of charitable organisations receiving donation or gifts from individual donors

 

Quick Updates:Latest Updates