Tag Archives: Section 68

No Section 68 addition on cash credited in Swiss Bank if information not supplied by Swiss Bank Authority

Held Documents relied by the AO are the copies of the copies which did not have any signature of bank official or name of the bank or the place or the country were the branch was situated. The AO himself admitted in para 6 of the assessment order that the requisite information from the Swiss… Read More »

No sec. 68 additions on cash deposited in bank account if assessee wasn’t maintaining books of account

IN THE ITAT MUMBAI BENCH ‘B’ Mehul V. Vyas v. Income-tax Officer, 23(2)(3), Mumbai* D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND RAVISH SOOD, JUDICIAL MEMBER IT APPEAL NO. 727 (MUM.) OF 2013 [ASSESSMENT YEAR 2006-07] APRIL  7, 2017 Narayan Atal for the Appellant. Ms. Pooja Swaroop for the Respondent. ORDER   Ravish Sood, Judicial Member –… Read More »

When Gift from unknown person is taxable

Q: When Gift from unknown person is taxable ? Where donor and donee (assessee) were not known to each other, mere declaration by donor that gift was made out of love and affection was not sufficient; Assessing Officer was justified in treating said gift as income under section 68 HIGH COURT OF DELHI Pawan Kumar… Read More »

Gift received from NRI relative

Foreign gift received from NRI relative Question: How to prove that genuineness of gifts received from the NRI relalaive ? Documents furnished by the Assessee with Assessing Officer are  A copy of foreign bill transaction advice copy of donor’s passport Bank account statement of Donor Gift confirmation in a gift deed giving all the particulars of the… Read More »