Gifts from Sisters Held Genuine - Section 68 Can’t Tax Natural Love and Affection
Advertisement
Advertisement
Skip to content
Follow Us on
Books Submit Post Subscription
Advertisement
TOP STORIES
Income Tax ITAT Sets Aside Section 50C Addition as DVO Valuation Fell Within Tolerance Band Income Tax ITAT Allows 60% Depreciation on UPS, Restricts Section 14A Disallowance Company Law Minority Shareholders Can Oppress Majority If They Control Management: NCLT Chennai Company Law NCLT Orders Winding Up of Punjab State Biotech Corporation Under Companies Act Excise Duty Private Records Alone Cannot Prove Clandestine Manufacture & Clearance: CESTAT Ahmedabad Service Tax Late Payment Surcharge on Electricity Supply Not Taxable as Declared Service: CESTAT Chandigarh Corporate Law Gauhati HC Acquits Officer as CBI Fails to Prove Disproportionate Assets Company Law Karnataka HC Upholds Tender Clause Disqualifying Bidders Linked to Promoter Director Defaulters
Income Tax

Gifts from Sisters Held Genuine – Section 68 Can’t Tax Natural Love and Affection

By CA Vijayakumar Shetty Income Tax Judiciary , Trending October 28, 2025
Share:

Case Law Details

Case Name
Sharad Maheshwari Vs ITO (ITAT Agra)
Appeal Number
Only available for paid members
Date of Judgement/Order
Only available for paid members
Related Assessment Year
2016-17
Courts
All ITAT, ITAT Agra
Upgrade to Basic or Premium to download.

Already Upgraded? Log in.

Advertisement
Sharad Maheshwari Vs ITO (ITAT Agra) Brother’s Capital, Sisters’ Affection- ITAT Agra Deletes Addition on Gifts from Sisters — Relationship & Source Held Genuine -Section 68 Can’t Tax Natural Love & affection Assessee, deriving income from partnership firms, had shown capital introduction of ₹1.83 crore during the year, sourced mainly from gifts aggregating ₹2.80 crore received from his sisters- Smt. Shashi Bansal & Smt. Manju Agarwal. AO disbelieved part of the gifts- ₹10.94 lakh from Smt. Shashi Bansal & ₹6.25 lakh from Smt. Manju Agarwal -holding that suppor...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Advertisement
Filed under

Author Info

CA Vijayakumar Shetty
Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka
Articles Published: 5,486
View full profile →
More from CA Vijayakumar Shetty

Join TaxGuru's Network for the latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Related Articles in Income Tax
ITAT Sets Aside Section 50C Addition as DVO Valuation Fell Within Tolerance Band

ITAT Sets Aside Section 50C Addition as DVO Valuation Fell Within Tolerance Band

July 25, 2026
ITAT Allows 60% Depreciation on UPS, Restricts Section 14A Disallowance

ITAT Allows 60% Depreciation on UPS, Restricts Section 14A Disallowance

July 25, 2026
Books Can’t Be Rejected Merely for Profit Decline or No Stock: SC

Books Can’t Be Rejected Merely for Profit Decline or No Stock: SC

July 24, 2026
ITAT Upholds Denial of Section 10(38) Exemption on SRK Industries Shares

ITAT Upholds Denial of Section 10(38) Exemption on SRK Industries Shares

July 24, 2026
ITAT Deletes Section 68 Addition on Recorded Cash Sales During Demonetisation

ITAT Deletes Section 68 Addition on Recorded Cash Sales During Demonetisation

July 24, 2026
ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits From Recorded Jewellery Sales

ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits From Recorded Jewellery Sales

July 24, 2026
Leave a Reply

Your email address will not be published. Required fields are marked *