Andhra Pradesh and
Telangana HC confirms ITAT order to uphold Sec 68 addition for gifts received
by assessee-invidual from his father-in-law for AY 2005-06, rejects assessee's
reliance on co-ordinate bench ruling in context of gift received by assessee
from his maternal aunt; Clarifies that “this is not a case where
we can import the principle 'what is sauce for the goose is sauce for the gander'",
also points out that gift from maternal aunt which was held non-taxable in
view of Sec 56(2)(v), was received after the amendment to Sec. 56(2) unlike
gift from father in law which was received prior, refuses to apply spirit of
said amendment to grant relief; Also rejects assessee’s contention that
genuineness of gift cannot be questioned when the identity of the donor is
established, payment is through banking channels and a letter of confirmation
is also available, clarifies that these three facts could establish the truth
of the transaction, but not genuineness, states that "If somebody has made
payment to someone else, a statement regarding the same will be true. But
the payment need not be genuine."; Takes note of Revenue's contention
that undisclosed income earned by the assessee could have been used for
round tripping and routed through father-in-law to bring it back as gift, also
rejects assessee’s contention that he had no source of income, observing
that assessee was a director of real estate company and therefore, raid was
carried out at his premises:HC
Subscribe to:
Post Comments (Atom)
Delhi HC holds 10% pre-deposit requirement for penalty-only appeals inapplicable where SCN was issued before amendment
This Tax Alert summarizes a recent ruling of the Delhi High Court (HC) [1] on whether the newly introduced pre-deposit requirement for fi...
-
ITC is blocked on motor vehicles having seating capacity ≤ 13 persons (including the driver) used for the transportation of persons. Furth...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC)on imposition of penalty on directors of a company under the Ce...
-
Recently, in a significant taxpayer-friendly ruling, the Hon’ble Mumbai ITAT, in the case of Nikesh Bhagwandas Mehta vs. ITO , has clarifi...
-
Section 68 -Cash credits Section 69 -Unexplained investments Section 69A - Unexplained money, etc Section 69B -Amount of investme...
-
THE issues before the Bench are - Whether when an expenditure is claimed to have been incurred by an assessee for promotion of his busine...
-
Income Tax Department had clarify that the renting of mobile tower would attract lower TDS Deductions u/s. 194-I and not u/s...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
This Tax Alert summarizes a recent Circular issued by the Central Board of Indirect Taxes and Customs (CBIC) clarifying the manner of gra...
-
This Tax Alert summarizes a recent judgement of the Kerala High Court (HC) 1 upholding the validity of GST notifications 2 extending the t...
No comments:
Post a Comment