1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Gifts from relatives

ByCA Gopal Nathani

May 25, 2021

In the matter before the High Court in ( 2021] 433 ITR 57 (Tripura) it was found that

in the balance-sheet the assessee had reflected a sum of Rs. 16,00,000 by way of gift received from relatives but neither did he produce any evidence such as a confirmation from donors or a gift deed before AO/CIT(A) for which reason he suffered an addition of such sum as unexplainedinvestment u/s 69.

So one must keep evidence of gifts even if they are exempted in nature to avoid any addition at the time of going for a scrutinyassessment.