Unexplained Income Addition Deleted for Properly Documented Gifts from Relatives

Rajneesh Narula Vs DCIT (ITAT Chandigarh) In the case of Rajneesh Narula Vs DCIT (ITAT Chandigarh) for the assessment year 2017-18, the assessee appealed against the CIT (Appeals) decision confirming an addition of Rs. 36,05,000, treated as income from unexplained sources. The assessee had received this amount as cash gifts from close relatives, including his parents, spouse, brother, and father-in-law. He submitted affidavits from the donors and copies of their audited accounts and balance sheets reflecting the gifted amounts. The Assessing Officer did not question the creditworthiness of th...