Addition on account of gift - donors did not appear in response ...

Case Laws Income Tax

June 18, 2013

Addition on account of gift - donors did not appear in response to notices u/s 131 - as all details were furnished and source of source were also explained, there is no reason to uphold the addition of Rs.3 lacs. - AT

View Source

← Previous Next →

Addition on account of gift - donors did not appear in response ...

Case Laws Income Tax

June 18, 2013

You may also like:

Penalty u/s 271(1)(c) - Addition on account of non-genuine gifts - Penalty proceedings are separate and independent. It is an admitted fact that assessee offered the...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

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...

Addition on account of capital introduction by the partners of the assessee-firm - The source of funds utilized for giving such gifts was explained as the sale proceeds...

Non-resident Indian donor gifted funds to assessee through cheques from NRE account, proving identity, creditworthiness, and genuineness. Assessing Officer made addition...

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...

Addition u/s 68 - share application money alongwith premium - in response of the AO notices u/s 131/133(6) all investors having replied and support of the correctness of...

Deduction u/s. 37(1) denied - addition on account of export commission treating the same as non-genuine - The assessee before the authorities below failed to furnish the...

Unexplained cash credit being share capital and premium u/s 68 - director of the subscriber company did not appear in response to the summons issued u/s 131 - The...

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...

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...

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....

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 -...

Penalty u/s 271(1)(c) - addition u/s 68 on gift received - AO had discarded and doubted the genuineness of gifts on ground of human probabilities and no authority has...

Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

Quick Updates: