Daily Archives: September 17, 2012

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The Honorable Supreme Court in its judgement dated 11th September, 2012 has held that change in legal position due to reversal of a judgement by a higher court is not a valid ground for reopening of assessment u/s 147 when the assessment was finalised on the basis of law in force at the time of…

Section 68, Gift: Onus on assessee to prove that donors had financial capacity to give gifts

Income TaxBy Ashish Ahuja September 17, 2012 Leave a comment

The Honorable Supreme Court in its judgement dated 12th September, 2012 has held that the onus to prove that the donors of gift has financial capacity to give gifts is on the assessee. Also, simply stating the fact that the donors were assessed to Singapore Income Tax is not sufficient enough to prove the financial…

Daily Archives: September 17, 2012

[Sec 147] Reopening not justified only on the basis of Reversal of Law by higher court

Section 68, Gift: Onus on assessee to prove that donors had financial capacity to give gifts