Assessment of income received by minor as gift

Last updated: 25 June 2013

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Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
We have heard the arguments of both the sides and perused the material placed before us. The facts of the case are that both the assessees are minor children of Shri Kamal Piyush. During the accounting year relevant to the assessment year under consideration, Master Akshay Bansal had received the gift of `2,51,000/- from Shri Ashok Kumar Gupta and Miss Ayushi Bansal had received the gift of `2,51,000/- from Shri Mukesh Gupta. The Assessing Officer has noted that since both these assessees are minor children of Shri Kamal Piyush, therefore, their income is to be assessed in the hands of Shri Kamal Piyush under Section 64 of the Income-tax Act, 1961. However, he made the assessment of `2,51,000/- each on protective basis in the case of both the above assessees. On appeal, learned CIT(A) held that the protective addition in the hands of these two assessees are not required but finally, he held that the appeals of the assessees are dismissed. Therefore, the assessees are aggrieved

Citation :
Master Akshay Bansal, C/o RRA Taxindia, D-28, South Extension, Part-1, New Delhi – 110 049. (Appellant) Vs. Income Tax Officer, Ward-37(1), New Delhi.(Respondent)

Daily Limit Reached