Case Law Details
Porkodi Vs ITO (ITAT Chennai)
ITAT Chennai held that addition for cash deposits out of marriage gift under section 69A partly deleted as in Indian Customs during marriages guests and relatives will give gift depending upon their social status and economic condition.
Facts- During the course of assessment proceedings, the AO noticed that the assessee has deposited a sum of Rs.18 lakhs to bank account during demonetization period.
The assessee was called upon to explain the source for cash deposits, for which, the assessee explained that a sum of Rs.7.5 lakhs cash deposits is made out of her own savings. Further, a sum of Rs.4.5 lakhs has been received as marriage gift from her brother for daughter’s marriage. She also explained a sum of Rs.8 lakhs received as lease advance for property in the name of her daughter. Further, balance sum of Rs.6 lakhs was withdrawn from the very same bank account prior to demonetization period.
AO confirmed the addition of Rs.18 lakhs towards cash deposits during demonetization period u/s.69A of the Act. The assessee carried the matter in appeal before the First Appellate Authority, but could not succeeded. Aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before us.
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