Home Highlights March 2017 Year 2017 This

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

2. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

3. 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...

4. 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)...

5. 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...

6. Unexplained deposit of cash u/s 69A - as submitted that the source of the said sum is gift from relative which is not taxable u/s 56 - Considering the fact that...

7. 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...

8. 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....

9. The assessee's investment in film financing business was examined based on seized documents and statements recorded during the search operation. The explanation that the...

10. The case pertains to the reopening of assessment and addition u/s 56(2)(vii) of the Act regarding the receipt of immovable property as a gift by the petitioner from the...

11. 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 -...

12. 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...

13. Addition u/s 68 - AO was not satisfied with the source of source aspect of the investors - The Tribunal agreed with the CIT(A)'s findings that the assessee company had...

14. Income from other sources u/s 56 - addition on account of so called gift claimed to have been received from the relative - Brother in law - there is no mention of “blood...

15. 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...