- Friday, December 10, 2010, 7:52
- Income Tax Case Laws
- 4 views
In the absence of link or connection between the gift made by the devotees and the profession or avocation carried on by the assessee, a religions head, the personal gift cannot be termed as income taxable under the Act
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- Tuesday, May 4, 2010, 8:02
- Income Tax
- 250 views
In the last few years, the ambit of taxation for gifts received by a person has been widened . Now, it covers several non-cash items. This now includes land and buildings, shares and securities, jewellery, drawings, paintings, sculptures and other works of art. Considering the nature of all these items, there is a need to value these items in a specific manner.
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- Wednesday, September 2, 2009, 2:06
- Income Tax Case Laws
- 37 views
CASE LAW DETAILS Decided by: HIGH COURT OF PUNJAB AND HARYANA, In The case of: Yash Pal Goel v. Commissioner of Income-tax (Appeals), Chandigarh, Appeal No.: [2009] 181 TAXMAN 175 (PUNJ. & HAR.) , IT APPEAL NO. 389 OF 2008 ( Decided on: January 20, 2009 RELEVENT PARAGRAPH section 68 of the Income-tax Act, 1961 – Cash [...]
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- Wednesday, June 24, 2009, 14:48
- Income Tax
- 5 views
In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore for her income for the financial years 2005-2006 and 2006-2007. The income includes gifts received by BSP supremo Mayawati from her party workers [...]
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- Tuesday, March 31, 2009, 13:38
- Income Tax Case Laws
- 3 views
SUMMARY OF THE CASE LAW. Love and affection can be reflected by frequent acquaintance, mutual exchange of gifts, mutual help to each other, standing for each other in hours of need, and other similar factors; once the Assessee has shown that the donors are related to him and they are close family friends, then the [...]
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- Tuesday, February 10, 2009, 6:19
- Income Tax Case Laws
- 8 views
Mayawati wins again in ITAT – can gift to a politician be treated as Professional income? – Gift of Rs 11 Lakhs allowed by AO after proper inquiry and consultation with CIT – Commissioner’ s Review order quashed: ITAT KM Mayawati the beloved Chief Minister is in the habit of getting huge gifts from her [...]
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