Case Law Details
Case Name : Commissioner of Income Tax Vs P.R. Ganapathy & Anr. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
On going through the records, we find that an important query was raised by the Department as to whether these two donors had the financial capacity to make the gift(s) in favour of the assessees herein. This query has not at all been answered by the Income Tax Appellate Tribunal [‘ITAT’, for short]. The ITAT merely states that the two donors were assessed to tax at Singapore. Being assessed at Singapore, does not answer the query raised by the Department. In this case, the Department has invoked Section 68 of the Income Tax Act, 1961. The burden is on the assessees to show that th...
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Hi, I want to know whether a person gifts some money by cheque to his grand child ( daughter’s kids ) . is it taxable ? and how much gift can he give in one year .