Gift from NRIs - Department queried about financial capacity of ...

Supreme Court: Bank Transfers Alone Don't Prove Legitimacy of NRI Gifts; Financial Capacity Must Be Verified.

September 18, 2012

Case Laws Income Tax SC

Gift from NRIs - Department queried about financial capacity of the donors to make the gift(s) - HMay be the money came by way of bank cheques and was paid through the process of banking transaction but that itself is of no consequence - SC

View Source

← Previous Next →

Gift from NRIs - Department queried about financial capacity of ...

Supreme Court: Bank Transfers Alone Don't Prove Legitimacy of NRI Gifts; Financial Capacity Must Be Verified.

September 18, 2012

Case Laws Income Tax SC

You may also like:

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

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

Unexplained gift/loans received - Gift received - the capacity of the creditor alone was questioned by the revenue authorities. This cannot be equated as calling upon...

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....

Deletion made u/s 69 of the Act – NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of...

Undisclosed income of the assessee - Unexplained NRI gifts - onus to prove - Had the appellant given a convincing and believable explanation / reply to the respondent,...

Undisclosed income u/s 68 - genuine or bogus gifts - The assessee failed to produce the donor as also his bank statement to prove that gift was actually given by 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...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

Capital gain - transfer of capital asset u/s 2(47) - gift of property by the assessee to his sister out of natural love and affection - Clause (iii) of section 47 of the...

Reopening of assessment u/s 147 - transfer of shares as gift - While initially contention of the petitioner that such transfer of shares was a gift without consideration...

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 u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

Reversal of Input Tax credit / ITC - financial credit note is issued for part amount of invoice - the financial credit note shall not be used as a conduit to transfer...

Dishonour of Cheque - Rebuttal of presumption - Financial Capacity - misuse of Cheque by the complainant - The High Codurt noted that the Learned Trial Court rightly...

Quick Updates: