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ITAT Deletes ₹30.65 Lakh Addition: Cash Gift from Grandmother Held Genuine
Case Law Details
- Case Name
- Priyanka Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Priyanka Vs ITO (ITAT Delhi)
Cash Gift from Deceased Grandmother Held Genuine – Tribunal Quashes Addition u/s 69A- Double Taxation Avoided: Rental Income Already Offered in Grandmother’s Hands
Assessee had filed return of income of ₹3,23,910/-. During scrutiny, AO noticed abnormal cash deposits of ₹30,65,000/- during demonetization period in Punjab National Bank account. Assessee explained that the source was a gift received from her deceased grandmother, Smt. Bhagwanti Hemrajani, out of rental income saved over several years. AO, not satisfied with the explanation, treated the deposi...
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