Wednesday, August 4, 2021

No additions towards gifts if assessee duly produced declarations of donors confirming gifts: ITAT

INCOME TAX : Where assessee received gift in cash of certain amount from four persons, since assessee had produced relevant documents such as declarations of donors confirming gifts and tax particulars of donors so as to prove identity and creditworthiness of donors and all gifts were given to assessee by account payee cheques, impugned addition made by Assessing Officer on account of said gift received by assessee under section 68 was to be deleted

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...