Gift received from mother shall not be termed as Unexplained Cash Credits: ITAT deletes addition imposed u/s 68 of Income Tax Act [Read Order]

Gift received - Unexplained Cash Credits - ITAT Income Tax Act - TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the gift received from the mother shall not be termed as unexplained cash credits hence no addition shall be imposed under Section 68 of the Income Tax Act, 1961. During the year under consideration, the assessing officer observed that there was an increase…

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