Search Results For: Sanjay Bansal

DATE: January 29, 2016 (Date of pronouncement)
DATE: February 22, 2016 (Date of publication)
AY: -
FILE: Click here to view full post with file download link
S. 69A: Law on taxability of large gifts received from abroad from donors who are total strangers to the assessee and not related by relationship, business or friendship explained

A question may, however, legitimately arise that such a large amount could not be given as a gift on the marriage of the assessee’s daughter but this question is speculative and cannot form the basis for raising an inference against an assessee. The Assessing Officer was apparently over-awed by the amount of the gift and, therefore, proceeded to base his opinion on his perception that no one would gift such a large amount. A deeming provision requires the Assessing Officer to collect relevant facts and then confront the assessee, who is thereafter, required to explain incriminating facts and in case he fails to proffer a credible information, the Assessing Officer may validly raise an inference of deemed income under section 69-A of the Act