ITAT Deletes Rs. 8.5 Lakh Gift Addition, Citing Donor’s Balance Sheet Capacity

Advertisement Abdus Sattar Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, allowed the appeal of Abdus Sattar for the Assessment Year 2012-13, directing the deletion of an addition of Rs.8,50,000/- originally made by the AO and partly sustained by the Ld. CIT(A). The issue centered on whether a cash gift received by the assessee from his elder brother, Sk. Moslem, represented unexplained investment from undisclosed sources. The AO initially made a large addition based on a perceived gap between the total consideration of a jointly purchased property (Rs.2,30,0...