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Income Tax - Highlights / Catch Notes

Home Highlights May 2018 Year 2018 This

Addition u/s 68 - gift received from the HUF - the legislative ...

Case Laws     Income Tax

May 16, 2018

Addition u/s 68 - gift received from the HUF - the legislative intent is very clear that an HUF is not to be taken as a donor in case of an individual recipient. Assessee’s former plea of having received a valid gift from his HUF is therefore declined. - AT

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  9. 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....

  10. 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...

  11. 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)...

  12. 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...

  13. 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...

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  15. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

 

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