![Advance Received by Assessee Constitutes a Gift and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Advance-Received-by-Assessee-Gift-Exempt-from-Penalty-Income-Tax-Act-ITAT-Dismisses-Appeal-taxscan-1.jpg "Advance Received by Assessee Constitutes a Gift and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]")
Advance Received by Assessee Constitutes a "Gift" and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the donor has amply expressed the intention that the advances were given merely...
![Gift of Immovable Property to Sister Not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Gift-of-Immovable-Property-Immovable-Property-Gift-ITAT-Income-Tax-taxscan.jpg "Gift of Immovable Property to Sister Not Taxable: ITAT [Read Order]")
![No Occasion required for Gift under Income Tax Law: ITAT deletes Addition towards Gift from NRI Brother [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Gift-Income-Tax-Law-Income-Tax-ITAT-Gift-from-NRI-Brother-taxscan.jpg "No Occasion required for Gift under Income Tax Law: ITAT deletes Addition towards Gift from NRI Brother [Read Order]")
![Gift from Mother: ITAT deletes Penalty since AO does not examine the Veracity of Affidavit filed by Assessees Mother [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Gift-Mother-ITAT-Penalty-AO-Assessees-Mother-taxscan.jpg "Gift from Mother: ITAT deletes Penalty since AO does not examine the Veracity of Affidavit filed by Assessees Mother [Read Order]")
Income Tax Deduction allowable on Expenses Incurred in Oversea Workshops for Doctors as it can't be treated as Gift, Freebies: ITAT [Read Order]
In a major relief to Pharma Firm, M/s Evolutis India Private Ltd, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that the Income Tax Deduction is allowable on expenses incurred in...
![Income Tax Deduction allowable on Expenses Incurred in Oversea Workshops for Doctors as it cant be treated as Gift, Freebies: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/10/Income-Tax-Deduction-ITAT-Taxscan.jpg "Income Tax Deduction allowable on Expenses Incurred in Oversea Workshops for Doctors as it cant be treated as Gift, Freebies: ITAT [Read Order]")
Provision of Taxability of Gift is not applicable on Equity Shares of PSU, received from Govt. under Strategic Disinvestment: CBDT [Read Notification]
The Central Board of Direct Taxes (CBDT) has notified that the provision of Taxability of Gift is not applicable on equity shares of public sector companies, received from Government under strategic...
![Provision of Taxability of Gift is not applicable on Equity Shares of PSU, received from Govt. under Strategic Disinvestment: CBDT [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/09/Provision-of-Taxability-Gift-public-sector-companies-strategic-disinvestment-CBDT-Taxscan.jpg "Provision of Taxability of Gift is not applicable on Equity Shares of PSU, received from Govt. under Strategic Disinvestment: CBDT [Read Notification]")
Gift is to be treated as genuine when Assessee discharges onus of proving Identity, Creditworthiness and Relationship: ITAT deletes Addition
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench while deleting the addition ruled that gift is to be treated as genuine when assessee discharges onus of proving identity, creditworthiness and...
Transfer of Shares by Assessee to its wholly-owned Subsidiary can’t be considered as a Gift and just a Circular Transaction to avoid Tax: Madras High Court [Read Judgment]
The Madras High court said that the Income Tax Appellate Tribunal (ITAT) wrongly held the transfer of shares by the assessee to its wholly-owned subsidiary is to be considered as a Gift. The...
![Transfer of Shares by Assessee to its wholly-owned Subsidiary can’t be considered as a Gift and just a Circular Transaction to avoid Tax: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/12/Transfer-of-shares-subsidiary-Gift-Circular-transaction-avoid-tax-Madras-High-Court-Taxscan.jpg "Transfer of Shares by Assessee to its wholly-owned Subsidiary can’t be considered as a Gift and just a Circular Transaction to avoid Tax: Madras High Court [Read Judgment]")
Gift from Brother-in-Law Exempted from Tax: ITAT Deletes Addition against Narotam Sekhsariya’s Relative [Read Order]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has recently granted relief to one of the relatives of the Ambuja Cements Ltd, holding that the gift received from brother-in-law is exempted...
![Gift from Brother-in-Law Exempted from Tax: ITAT Deletes Addition against Narotam Sekhsariya’s Relative [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/02/Narotam-Sekhsaria-ITAT-Taxscan.jpg "Gift from Brother-in-Law Exempted from Tax: ITAT Deletes Addition against Narotam Sekhsariya’s Relative [Read Order]")
ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has confirmed an addition in respect of unexplained cash credits since the assessee failed to prove the genuineness of the gift received...
![ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Gift-Tax-Taxscan-1.jpg "ITAT confirms Addition Since Gift received from NRI Relative through Debtor couldn’t be Proved [Read Order]")
Gift to Customers not Deductible as Business Expenditure since Its Nature and Identity of Recipients was not Disclosed: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has observed that gift to the customers cannot be treated as Business expenditure for granting income tax deduction since the assessee failed to...
![Gift to Customers not Deductible as Business Expenditure since Its Nature and Identity of Recipients was not Disclosed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/03/Business-Expenditure-Taxscan.jpg "Gift to Customers not Deductible as Business Expenditure since Its Nature and Identity of Recipients was not Disclosed: ITAT [Read Order]")