No Income Tax on Cash Gift from Father & Father-in-Law: ITAT Delhi

Krishna Nand Rai Vs ITO (ITAT Delhi) ITAT Delhi addressed an appeal filed by Krishna Nand Rai against an NFAC order dated March 15, 2024. The case revolved around the addition of ₹10,80,000 as taxable income based on cash deposits made by the assessee. The assessee, married in February 2011, claimed that the amount comprised gifts of ₹5,00,000 from his father and ₹5,80,000 from his father-in-law. Affidavits from both donors affirmed these gifts, stating that the funds originated from agricultural income. The assessee also presented supporting evidence, including marriage invitation cards...