Wednesday, August 3, 2011

Delhi high court says 'gift of love' to Mayawati not taxable

http://haryanahighway.com

NEW DELHI: In a relief to Uttar Pradesh chief minister Mayawati, the Delhi high court on Wednesday dismissed an appeal filed by I-T department challenging a tax tribunal order exempting from tax gifts received by her during the assessment year 2003-04.

A division bench of justices AK Sikri and Suresh Kait upheld the order passed by Income Tax Appellate Tribunal (ITAT) that gifts received by the BSP supremo from party supporters were not taxable under the Income Tax Act.

ITAT had accepted Mayawati's claim that immovable property worth Rs 62.72 lakh and cash payments of Rs 2 lakh were gifts given by her supporters out of love and affection.

The government in its appeal had held her claim as unacceptable and contended that cash and property given to Mayawati should be included in her annual income tax return.

Source: http://timesofindia.indiatimes.com/india/Delhi-high-court-says-gift-of-love-to-Mayawati-not-taxable/articleshow/9470229.cms

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