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Income Tax - Highlights / Catch Notes

Home Highlights November 2022 Year 2022 This

Addition u/s.68 - unexplained gifts received - When the ...

Income Tax

November 22, 2022

Addition u/s.68 - unexplained gifts received - When the provisions of Section 68 of the Act per se could not be made applicable, as no receipt of money was available during the year under consideration and in view of the fact that gift has been received only from assessee‟s own blood brother (which would be exempt from tax), the decision relied upon by the Revenue does not come to the rescue of the Revenue. - AT

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