Home Highlights May 2013 Year 2013 This

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1. Addition u/s.68 - gift - When however, large amounts are stated to have been gifted, that too by a person having no blood relation with the assessee, the question of...

2. Additions u/s 68 and 69 - genuineness of foreign gift - donor made contradictory versions about his relationship with the donee. But the sum and substance of his version...

3. 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...

4. Addition u/s 68 - unexplained cash credit - capital contribution in cash by the partners - While deleting the additions, the Tribunal held that, if the Ld. AO was not...

5. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

6. Addition u/s 68 - unexplained credit - Onus to prove - share capital introduced - the assessee failed to explain the sources of investment of cash of Rs. 10 lacs each by...

7. 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,...

8. Addition u/s 68 - ITAT confirmed the additions - The High Court upheld the Tribunal's decision, affirming the dismissal of the appeal. It concurred with the Tribunal's...

9. Additions u/s 68 - Unexplained Cash credit found in the bank account - The provisions of s. 68 & 69 use the word may indicating discretion conferred upon the AO by the...

10. Addition u/s. 68 - AO cannot extrapolate 50 and interpret 50 as 50,00,000, 575 as 575 lakhs without any corroborative/demonstrative evidence - additions made merely on...

11. 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...

12. Addition u/s 68 on account of claim of gifts - mere claim of gift would not fall in the ambit of provisions of section 56(2)(vii) - when the assessee has failed to...

13. Addition u/s 68 in respect of jewellery - It is not in dispute that what is received as gift is only jewellery. Hence, what is received is only gift in kind....

14. Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other...

15. Addition u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT