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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Addition u/s 68 - when the donors were examined by the ...


Section 68: No Addition Needed if Donors Confirm Gift Under Oath and Through Banking Channels.

September 5, 2012

Case Laws     Income Tax     AT

Addition u/s 68 - when the donors were examined by the Assessing Officer on oath and they conformed the transaction of gift through banking channel and by cheques, than there is no scope of any doubt of identity and creditworthiness of the donor. - AT

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  10. Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

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