Cash Deposit received from Mother as Gift during demonetization period properly Explained: ITAT deletes Addition u/s 69A [Read Order]

The primary liability on the assessee is to prove the source of the fund and he proved the same.

By Aiswarya Krishnadas - On March 13, 2024 5:28 pm - 2 mins read

Cash Deposit received - Gift during Demonetization- Properly Explained - ITAT - u s 69A - TAXSCAN

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled in favor of the taxpayer, overturning the addition made under section 69A of Income Tax Act, 1961. The tribunal found that the cash deposit, received as a gift from the taxpayer’s mother during the demonetization period, was adequately accounted for. In…

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