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Gift from aunt shown as credits to capital account cannot be added as unexplained credits
Case Law Details
- Case Name
- Amit Prabhudas Patel Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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Amit Prabhudas Patel Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that addition as unexplained credits to capital account unsustainable as gift from assessee’s aunt shown as credits to capital account.
Facts- The assessee is a practicing Doctor and proprietor of Sarvoday Hospital, Balasinor and also the proprietor of Sarvoday Pharmacy-Medical Store. He has filed his return of income on 06.11.2014 for the year under consideration declaring total income at 93,27,510/-. The assessment u/s. 143(3) of the Act was finalized on 13.12.2016 determining total income at Rs.1,14,48,386/- upon making add...
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