Maywati’s Maya is legal: ITAT

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Maywati’s Maya is legal: ITAT

AIT News Network

NEW DELHI. ITAT vide a significant ruling AIT-2008-03-ITAT in favour of Second Most Powerful woman of India has ruled that

It is not uncommon that people give donations and charities to persons in whom they place faith or for whom they have limitless regards. Similarly gifts are also made of invaluable properties for furtherance of noble objects executed by personages of high eminence. As stated by the donors in their statements recorded by the A.O., the donee is a public and political figure who was working for the welfare of the downtrodden in a missionary manner and on account of this social work, the donors decided to part away with their properties by giving the same as gift to her. The element of reverence, veneration or personal esteem and faith all depend upon personal feelings and desire. No probe can easily be made into such aspects of human psychology and the best persons to explain such feelings and desires are those who advance and execute the same
The gifts relating to immovable properties can not be covered u/s 68 nor the gift of Rs. 2,00,000/-received by the assessee can be covered under that provision. Nextly, all the gifts satisfied the requirement of a valid and genuine gift. The assessee has fully explained the same and therefore it cannot be said that the addition can be sustained even u/s 69 of the I.T. Act, as held by the AO, because the source of investment in the properties in question stand fully explained by the assessee in the form of gifts which are found to be genuine by us for the reasons given above.

Click here for full text of ruling AIT-2008-03-ITAT