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Addition for cash deposit: Generous Cash Gift to Grandson by maternal grandfather – ITAT restores matter to CIT(A)
Case Law Details
- Case Name
- Pitchi Reddy Garlapati Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Hyderabad
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Pitchi Reddy Garlapati Vs ITO (ITAT Hyderabad)
The Income Tax Appellate Tribunal (ITAT) Hyderabad recently examined a case involving Pitchi Reddy Garlapati (assessee) and the Income Tax Officer (ITO). The central issue was the treatment of a cash deposit of Rs. 9,07,000/- during the period of demonetization in India. This deposit was claimed to be a generous gift from the maternal grandfather to his grandson. The case has been restored to the Commissioner of Income Tax (Appeals) [CIT(A)] for reconsideration, marking a critical moment in understanding income tax liabilities related to generous ...
