Click Here For Best Books On Taxation & Law. Upto 60% Off On Select Titles. Free Shipping & Pay On Delivery!
 

Click Here To Subscribe To Our Free Newsletter

Home › All Judgements › Mayawati vs. DCIT (ITAT Delhi)

Mayawati vs. DCIT (ITAT Delhi)

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: January 4, 2008 (Date of publication)
AY:
FILE:
CITATION:

s. 68 does not apply to an assessee who does not maintain books of account. Balance sheet/statement of affairs and bank pass book do not constitute ‘books of account’. In considering the genuineness of the “gifts”, it must be borne in mind that in the case of a “political figure who was working for the welfare of the downtrodden in a missionary manner and on account of this social work”, it is not uncommon for donors to part away with their properties by giving the same as gift to her. “No probe can easily be made into such aspects of human psychology and the best persons to explain such feelings and desires are those who advance and execute the same.” The fact that there is”lack of occassion” to make the gifts, that the donors are unrelated to the donee and that the donors borrowed funds to make the gifts are irrelevant circumstances.

Note: See also CIT vs. Mohankala (SC) on the test of pre-ponderence of probabality.

Related Posts:

  • JDC Traders Pvt. Ltd vs. DCIT (ITAT Delhi) If we accept the argument of the learned DR that u/s 154 of the Act, ld. AO is empowered to deal with the escapement of income in respect of which the reasons were not recorded even after the assessment reopened under section 147 of the Act is completed, it would…
  • Pee Aar Securities Ltd vs. DCIT (ITAT Delhi) As the things stand now, genuineness of transactions is to be examined in the light of the prevailing ground realities, and that is precisely what we have done. We are of the considered view that there is nothing to establish genuineness of the share subscription transactions on the facts of…
  • Deepak Nagar vs. DCIT (ITAT Delhi) These facts clearly demonstrate that the assessee is a habitual investor and being a qualified professional [Chartered Accountant], is well aware of market trends of shares in the stock market. The entire assessment has been framed by the Assessing Officer without conducting any enquiry from the relevant parties or independent…
  • Prafful Industries (P) Ltd vs. DCIT (ITAT Delhi) The expression "has concealed the particulars of income" and "has furnished inaccurate particulars of income" have not been defined either in sec. 271(l)(c) or elsewhere in the Act. One thing is certain that these two circumstances are not identical in details although they may lead to same effect, namely, keeping…
  • Calance Software Pvt. Ltd vs. DCIT (ITAT Delhi) At the time of hearing the Ld. AR has taken a ground which is on legal point that as per the Instruction No. 3/2003 issued by the CBDT, the Assessing Officer should have decided the issue of international transaction himself instead of referring it to Transfer Pricing Officer as the…
  • DCIT vs. Sterling Ornaments (P) Ltd (ITAT Delhi) Section 195 of the Act has to be read alongwith the charging Section 4,5 and 9 of the Act. One should not read Section 195 of the Act to mean that the moment there is a remittance, the obligation to deduct tax automatically arises. Section 195 of the Act clearly…

Related Judgements

  1. Glenmark Laboratory vs. DCIT (ITAT Mumbai) 

    For purposes of s. 80HHC, the direct cost attributable to the earning of the DEPB license (equal to the value of the license on the date of receipt) has to be reduced from the direct cost of trading goods on … Glenmark Laboratory vs. DCIT (ITAT Mumbai) Read…