Home Highlights October 2014 Year 2014 This

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1. Revision u/s 263 - When the order of the AO suffers from a complete lack of enquiry, then the above said principle has no application due to the obvious reason that the...

2. The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The...

3. Unexplained investment – Gifted jewelleries cannot be treated as unexplained as the same is duly supported by such corroborative evidence like gift certificate etc. - AT

4. Unexplained gifts – Donee denied to make gifts – transaction is not genuine but colorable – money is routed indirectly from the firm to the assessee's account under...

5. 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...

6. Unexplained income - unexplained money under section 69A - gifts received by the assessee from brother and sister - It is a general practice followed that in time of...

7. Undisclosed income of the assessee - Unexplained NRI gifts - onus to prove - Had the appellant given a convincing and believable explanation / reply to the respondent,...

8. Unexplained cash credits u/s. 68 - the donor in question is not in any way related to the assessee. And also there is no corresponding channel in the gift instrument...

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

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

11. Unexplained gifts - Donee denied to make gifts - burden to prove - The High Court has held that, gifts are not genuine and Tribunal has deleted the addition merely only...

12. Penalty under section 271(1)(c) - Unexplained gifts, unexplained cash credit and another unexplained credit entry - he assessee has also not chosen to explain how the...

13. 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...

14. Addition on account of share premium received u/s 56(2)(viib) - AO has not examined the DCF method of valuation submitted by the assessee and the value of shares...

15. 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...