Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
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. Accordingly, the provisions of Section 68 per se could not be invoked in the instant case. It is trite law and the bare reading of the provisions of Section 68 are very clear that the said provisions could be made applicable only for sums received in cash or cheque or demand draft for which satisfactory explanation could not be given by the assessee. - AT
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. Accordingly, the provisions of Section 68 per se could not be invoked in the instant case. It is trite law and the bare reading of the provisions of Section 68 are very clear that the said provisions could be made applicable only for sums received in cash or cheque or demand draft for which satisfactory explanation could not be given by the assessee. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
