Thursday, August 20, 2015

[aaykarbhavan] Exchange of gifts among unknown persons held taxable under section 68



Exchange of gifts among unknown persons held taxable under section 68

August 20, 2015[2015] 60 taxmann.com 133 (Delhi)/[2015] 373 ITR 301 (Delhi)/[2015] 275 CTR 166 (Delhi)
IT : Where donor and donee (assessee) were not known to each other, mere declaration by donor that gift was made out of love and affection was not sufficient; Assessing Officer was justified in treating said gift as income under section 68
 
Regards
Prarthana Jalan


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


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