Addition in respect of gift receipt - merely by giving evidence ...

Case Laws Income Tax

September 11, 2016

Addition in respect of gift receipt - merely by giving evidence of identity and credit worthiness of donor, genuineness cannot be taken to be established automatically, 'therefore, test of human probability assumes importance so as to show that there were reasons which prompted the donor to forgo his hard earned capital in favour of the donee - AT

View Source

← Previous Next →

Addition in respect of gift receipt - merely by giving evidence ...

Case Laws Income Tax

September 11, 2016

You may also like:

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 - 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 u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

Addition u/s 68 - whether an assessee who has taken a loan is bound to produce the source of source? - Held No - The appellant having proved the identity and credit...

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

Addition regarding gift received from father - Father is not filing ITR having agriculture income - merely because a person, giving gift to his son, is not filing return...

Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that...

Penalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – the explanation given by the assessee is totally false -...

Addition u/s 68 - unexplained cash credit - if the AO wanted to disbelieve the identity, credit-worthiness and genuineness of transaction of cash depositors with the...

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

Additions on account of cash deposited in bank account - receipts of gifts - since the gifts in the instant case are received from parents, brother and spouse,...

Characterization of receipt - in respect of business exigencies the compensation specially in respect of damage to properties through fire or any other activities, the...

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...

Addition u/s 68 - unsecured loans treated as unexplained credit - Onus to prove - AO merely issued show cause notice to the lenders and apparently stopped without making...

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Quick Updates: