{"id":34286,"date":"2023-04-22T22:56:23","date_gmt":"2023-04-22T17:26:23","guid":{"rendered":"https:\/\/itatonline.org\/digest\/jyoti-r-raut-mrs-v-dcit-2022-197-itd-552-mum-trib\/"},"modified":"2023-04-22T22:56:23","modified_gmt":"2023-04-22T17:26:23","slug":"jyoti-r-raut-mrs-v-dcit-2022-197-itd-552-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/jyoti-r-raut-mrs-v-dcit-2022-197-itd-552-mum-trib\/","title":{"rendered":"Jyoti R. Raut (Mrs.) v. DCIT (2022) 197 ITD 552 (Mum.)(Trib.)"},"content":{"rendered":"<p>Assessee received jewellery from her grandmother which was credited as gift in capital account by assessee.\u00a0 Assessing Officer treated same as unexplained cash credit on ground that no occasion or reason was mentioned for grant of gift. Held that\u00a0\u00a0 the assessee has\u00a0 furnished gift deed from grandmother together with an affidavit in non-judicial stamp paper confirming fact of gift.\u00a0 Affidavit\u00a0 stated that grandmother had given said gift out of her streedhan.\u00a0 Since gift was received in kind and no cash or cheque was received by assessee as gift, provisions of section 68\u00a0 is not applicable hence addition is deleted.<strong>\u00a0 <\/strong>Tribunal also\u00a0 held that since grandmother\/donor gave jewellery as gift to assessee out of natural love and affection, no occasion was required to be proved and same would be exempt from tax in terms of section 56(2)(vii) (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68 : Cash credits-Gift of jewellery from grandmother-Gift received in kind-No cash or cheque-Addition cannot be made  as cash credits-Affidavit of grandmother was filed-No occasion for gift to be proved-Exempt from the provisions of section 56(2)(vii) of the Act. [S. 56 (2)(vii] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34286","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8V0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34286"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34286\/revisions"}],"predecessor-version":[{"id":34287,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34286\/revisions\/34287"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}