Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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The ITAT decided in favor of the assessee, a doctor residing in the United Kingdom. The unexplained cash deposits in the assessee's Indian bank account during the demonetization period were claimed to be gifts from the assessee's family members, who are doctors with substantial income in India. The Tribunal accepted the assessee's contention that the cash gifts could not be deposited at once due to difficulties during demonetization. The Assessing Officer failed to conduct further inquiries u/s 133(6)/131(1) to establish the identity, genuineness, and creditworthiness of the donors, despite the assessee furnishing gift certificates. The onus shifted to the Assessing Officer, who made assumptions without completing the inquiry process. Considering the family's status and income, the Tribunal found the explanation for cash gifts over three years justified. However, the Tribunal upheld the addition u/s 115BBE, as the assessee was aware of the nature of additions through the show cause notice, despite the Assessing Officer not mentioning the specific section.
The ITAT decided in favor of the assessee, a doctor residing in the United Kingdom. The unexplained cash deposits in the assessee's Indian bank account during the demonetization period were claimed to be gifts from the assessee's family members, who are doctors with substantial income in India. The Tribunal accepted the assessee's contention that the cash gifts could not be deposited at once due to difficulties during demonetization. The Assessing Officer failed to conduct further inquiries u/s 133(6)/131(1) to establish the identity, genuineness, and creditworthiness of the donors, despite the assessee furnishing gift certificates. The onus shifted to the Assessing Officer, who made assumptions without completing the inquiry process. Considering the family's status and income, the Tribunal found the explanation for cash gifts over three years justified. However, the Tribunal upheld the addition u/s 115BBE, as the assessee was aware of the nature of additions through the show cause notice, despite the Assessing Officer not mentioning the specific section.
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