Court Rules Paintings as Stock-in-Trade, Rejects Unjustified Additions; Gifts Properly Accounted in Books.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition on unexplained paintings - painting are stated to be received by the assessee as gift on various occasions from the artist - since the same have duly been accounted for in the books of accounts of the assessee and forms part of stock-in-trade, the addition thereof is not justified. - AT....