Relative in context of gifts deemed income under S.56 – unreasonable view taken by AO for essence of ‘blood relative’ and un-necessary litigation by revenue before High Court.

Relative in context of gifts deemed income under S.56 – unreasonable view taken by AO for essence of ‘blood relative’ and un-necessary litigation by revenue before High Court. https://www.taxtmi.com/article/detailed?id=8920 Statutory definition of relative includes non blood relations such as spouses and in laws; an assessing officer's insistence on blood relationship lacked statutory basis. Documentary and banking evidence establishing donor capacity and the genuineness of the transfer supported treatment of the receipt as a genuine gift, and appellate findings accepting those facts rendered further litigation by revenue unnecessary. en-us Wed, 29 Jan 2020 06:57:13 +0530 Wed, 29 Jan 2020 06:57:13 +0530 TaxTMI RSS Generator Relative in context of gifts deemed income under S.56 – unreasonable view taken by AO for essence of ‘blood relative’ and un-necessary litigation by revenue before High Court. https://www.taxtmi.com/article/detailed?id=8920 Statutory definition of relative includes non blood relations such as spouses and in laws; an assessing officer's insistence on blood relationship lacked statutory basis. Documentary and banking evidence establishing donor capacity and the genuineness of the transfer supported treatment of the receipt as a genuine gift, and appellate findings accepting those facts rendered further litigation by revenue unnecessary. Articles Income Tax Wed, 29 Jan 2020 06:57:13 +0530 https://www.taxtmi.com/article/detailed?id=8920