Home Highlights August 2014 Year 2014 This

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1. Validity of Tribunal’s order - Genuineness of gift – Rarely one finds a poor man giving gifts to a rich and powerful, out of natural love and affection - HC

2. Genuineness of foreign gifts – there being neither any relationship nor there being any circumstance to show natural love and affection of the donor for the donee nor...

3. Addition u/s 68 - The assessee has failed in establishing the creditworthiness of the donors, occasion for making the gifts and why and donors who were strangers and not...

4. Foreign gifts received - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

5. Gift from stranger - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

6. Gift received through NRE account - gift out of borrowed fund - A gift normally connotes a transaction where a person parts his own property to another without...

7. Validity of Gift of Dividend - The companies are competent to make and receive gifts and natural love and affection are not the necessary requirements - The amount of...

8. 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...

9. Unaccounted gifts - creditworthiness of donor and genuineness of gift is not proved because the assessee had no direct relationship with the donor and in the absence of...

10. Capital gain - transfer of capital asset u/s 2(47) - gift of property by the assessee to his sister out of natural love and affection - Clause (iii) of section 47 of the...

11. 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...

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

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

14. 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...

15. 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...