Sunday, April 26, 2015

[aaykarbhavan] Jewellery received from father/father-in-law on occasion of marriage couldn’t be held as unexplained investment



Jewellery received from father/father-in-law on occasion of marriage couldn't be held as unexplained investment

April 27, 2015[2015] 56 taxmann.com 293 (Bombay)
IT : Undisclosed income for block period would be reduced by aggregate of total income to extent such income does not exceed maximum exemption limit
IT : Where assessee had explained source of jewellery in her possession being gifts received on occassion of her marriage from her father and father-in-law and Assessing Officer did not dispute same, invocation of section 69 was not justified
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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