₹12.54 Cr Spouse Gift to Shilpa Shetty: Sec 68 Addition Set Aside, Remanded

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai) 12.54 crores Gift to Shilpa Shetty Kundra from Spouse u/s 68: Addition Set Aside & Matter Remanded for Fresh Verification In this case, the assessee received a gift of Rs 12.54 Cr from her husband and claimed it as genuine. However, the AO treated the same as unexplained credit u/s 68 due to failure to establish genuineness, creditworthiness & source, and taxed it u/s 115BBE. The CIT(A) confirmed the addition. Before ITAT, the assessee argued that identity (PAN), relationship (spouse), gift deed & ITR of donor were furnished, thereby disch...