AO cannot treat advances as gift merely on assumptions and presumptions

Shri Nilesh Janardan Thakur Vs. ITO (ITAT Mumbai) The AOs case is that the assessee has received money without any consideration which is taxable under the provisions of section 56(2)(vi) of the Act. The AO has brought out number of reasons to come to the conclusion that money is taxable u/s 56(2)(vi) of the Act. The sum and substance of the findings of the AO in his order is that the assessee is not capable of doing business as stated in his statement and also does not have relevant experience in dealing in the business for which he suppose to have paid by SPCL. Though the assessee as well as...