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Income Tax - Highlights / Catch Notes

Home Highlights December 2023 Year 2023 This

Addition u/s 68 - Gift received from the brother treated as ...

Income Tax

December 14, 2023

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 doubt cannot be treated as gospel truth. As such, it is the onus upon the revenue to prove the allegation framed by it against the assessee. - Additions deleted - AT

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  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 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

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  4. Addition of undisclosed income u/s 68 – Gift received from brother – as per sec. 68, the assessee is required to explain the capacity of the lender to advance money to...

  5. Additions on account of cash deposited in bank account - receipts of gifts - since the gifts in the instant case are received from parents, brother and spouse,...

  6. 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...

  7. Addition of income being gift of India Millennium Deposit received as unexplained credit u/s 68 - genuinity stands proved - no addition - AT

  8. 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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  10. Gift of immovable property - assessee's brothers and mother have gifted their 1/8th undivided share - very heavy burden lies on the department to prove that it is not...

 

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