Genuine gift cannot consider as unexplained cash credit and exemption under section 54 cannot be denied only on purchase of new house in joint name

Last updated: 11 September 2012

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Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Brief facts are: The assessee was an employee of Bill and Milinda Gates Foundation, USA (“BMGF” ), USA and was appointed to work with the liaison office of BMGF, New Delhi as Director in its India AIDS initiative program. Assessee could not file his return of income within time prescribed by sections 139(1)/139(4), however, after the lapse of time the relevant income was offered for tax by way of paying the challan & TDS. Further a letter was written to the AO indicating this fact and accompanying TDS certificate and payment of remainder of tax. On this basis, Assessing Officer initiated proceedings u/s 148, asking the assessee to file a return of income, which was duly filed. The Assessing Officer made the above two additions to the income of the assessee, which have been deleted by the CIT(A).

Citation :
ACIT, Cir. 43(1), New Delhi. (Appellant) Vs. Shri Ashok Alexander, 26, Sultanpur Estate, Mandi Road, New Delhi-30.PAN: AAJPA5919M (Respondent)

Daily Limit Reached