https://www.taxtmi.com/caselaws?id=258127 Corporate receipts described as gifts were treated as capital receipts where the donor companies' identity, source of funds, movement of money, and board resolutions were established, and the Department produced no material to dislodge the explanation. The analysis states that a corporate body may make or receive a gift if its constitutional documents permit it, that natural love and affection is not a legal prerequisite, and that the receipts were not linked to business consideration, common shareholding, or deemed dividend conditions. For book profit, the receipts were credited to capital reserve and could not be included under section 115JB because the statute permits only specified adjustments. en-us Wed, 11 Mar 2015 00:00:00 +0530 Thu, 24 Aug 2017 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258127 Corporate receipts described as gifts were treated as capital receipts where the donor companies' identity, source of funds, movement of money, and board resolutions were established, and the Department produced no material to dislodge the explanation. The analysis states that a corporate body may make or receive a gift if its constitutional documents permit it, that natural love and affection is not a legal prerequisite, and that the receipts were not linked to business consideration, common shareholding, or deemed dividend conditions. For book profit, the receipts were credited to capital reserve and could not be included under section 115JB because the statute permits only specified adjustments. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258127