Addition u/s 68 - gift received from mother-in-law - Once the ...

Gift from Mother-in-Law Deemed Genuine: Section 68 Addition Not Justified, Assessee Proves Donor's Identity and Transaction Validity.

August 18, 2022

Case Laws Income Tax AT

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 assessee in the instant case has provided the identify and creditworthiness of the donor and the genuineness of the transaction, therefore, the addition made by the Assessing Officer and sustained by the learned CIT (A) received as gift from her mother-in-law, in our opinion, cannot be sustained. - AT

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Addition u/s 68 - gift received from mother-in-law - Once the ...

Gift from Mother-in-Law Deemed Genuine: Section 68 Addition Not Justified, Assessee Proves Donor's Identity and Transaction Validity.

August 18, 2022

Case Laws Income Tax AT

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