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Income Tax - Highlights / Catch Notes

Home Highlights August 2012 Year 2012 This

Addition u/s 68 - there is no relationship of the donor with the ...


Section 68: Gift from Unrelated Donor Deemed Not Genuine, Transaction Not Legitimate for Tax Purposes.

August 14, 2012

Case Laws     Income Tax     AT

Addition u/s 68 - there is no relationship of the donor with the assessee. - there is also no occasion for this gift. - gift in this case was not genuine. - 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 u/s 68 on account of claim of gifts - mere claim of gift would not fall in the ambit of provisions of section 56(2)(vii) - when the assessee has failed to...

  11. Addition u/s 68 in respect of jewellery - It is not in dispute that what is received as gift is only jewellery. Hence, what is received is only gift in kind....

  12. 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

  13. 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

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