Gifts received  in  shape of cash “Shaguns” on various occasions like Marriages, Birthdays, Anniversaries kept in Locker  shall not be treated as Unexplained Money u/s 69A  of Income Tax Act: ITAT

Gifts received in shape of cash - Shaguns - kept in Locker - Unexplained Money - Income Tax Act - ITAT - INCOME TAX - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that gifts received in the form of cash shaguns on various occasions, such as marriages, birthdays, and anniversaries, kept in a locker, should not be treated as unexplained money under Section 69 of the Income Tax Act, 1961. The assessee, Jasmine Anand, had a locker that…

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