CBDT Instruction No. 3/2017 Shields Small Deposits from Scrutiny-Gift from Grandmother Accepted

Ashwini Mysore Sathya Kumar Vs ITO (ITAT Bangalore)

CBDT Instruction No.3/2017 Shields Small Deposits from Scrutiny– Gift from Grandmother Accepted- Tribunal Deletes Addition-Student Assessee Gets Relief – ₹2 Lakh Deposit Not Unexplained Investment

Assessee, a student, had deposited ₹2 lakhs received as gift from grandmother into her bank account on 11.04.2017 & converted it into a term deposit. AO, noting that no return was filed, initiated proceedings u/s 144 & treated the deposit as unexplained investment u/s 69, relying on Operation Clean Money instructio

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