Undisclosed income u/s 68 - Genuineness of Gift - Tribunal erred ...

Tribunal Dismisses Appeal on Undisclosed Income u/s 68, Remands Case to Assess Gift's Authenticity.

September 4, 2013

Case Laws Income Tax HC

Undisclosed income u/s 68 - Genuineness of Gift - Tribunal erred in law in dismissing the appeal only on the ground that since the 3rd Member had agreed with the Accountant Member, the appeal deserves to be dismissed. The question of genuineness of gifts in view of the opinion of the 3rd Member was not considered on merits and was thus still open - matter remanded back - HC

View Source

← Previous Next →

Undisclosed income u/s 68 - Genuineness of Gift - Tribunal erred ...

Tribunal Dismisses Appeal on Undisclosed Income u/s 68, Remands Case to Assess Gift's Authenticity.

September 4, 2013

Case Laws Income Tax HC

You may also like:

Addition u/s 68 - unexplained gifts received from family members - The Appellate Tribunal found that the assessee had provided sufficient evidence to establish the...

The ITAT decided in favor of the assessee, a doctor residing in the United Kingdom. The unexplained cash deposits in the assessee's Indian bank account during the...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

The assessing officer (AO) exceeded jurisdiction by reclassifying income as fees for technical services (FTS) instead of royalty, contrary to the limited remand order...

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...

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....

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

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...

The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed...

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 - receipt of gift - the primary onus to establish the identity and creditworthiness of the concerned donors as well as the genuineness of the relevant...

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...

Reopening of assessment u/s 147 - Income from other sources or business income - The impugned reopening itself is not sustainable in the light of the alleged twin...

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...

The key points are: Undisclosed income declared under the Income Declaration Scheme (IDS) 2016 does not change its character or nature merely due to non-payment of tax...

Quick Updates: