Addition of undisclosed income u/s 68 – Gift received from ...

Undisclosed Income u/s 68: Taxpayer Fails to Explain Donor's Financial Capacity for Gift from Brother.

December 19, 2014

Case Laws Income Tax AT

Addition of undisclosed income u/s 68 – Gift received from brother – as per sec. 68, the assessee is required to explain the capacity of the lender to advance money to the assessee to the satisfaction of the AO - additions confirmed - AT

View Source

← Previous Next →

Addition of undisclosed income u/s 68 – Gift received from ...

Undisclosed Income u/s 68: Taxpayer Fails to Explain Donor's Financial Capacity for Gift from Brother.

December 19, 2014

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - proof of source of the donor - Gift from his brother (relative) - The assessee had not proved his brother's source of income to the Department - demand...

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....

Undisclosed income u/s 68 - genuine or bogus gifts - The assessee failed to produce the donor as also his bank statement to prove that gift was actually given by the...

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

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

Addition of gift u/s 68 - there is no discrepancy in the Gift to the director of the assessee company. The donor is the real brother of recipient of the Gift. - CIT(A)...

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 - 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...

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...

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...

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 -...

Addition u/s 68 - Gift received from the brother treated as undisclosed income - Admittedly, the cross transaction between the brothers can create a suspicious but that...

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...

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...

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...

Quick Updates: