Addition for Cash Gift valid on failure of Assessee to substantiate cash gift

Shri M.Y. Jahabar Sadique Vs ITO (ITAT Chennai) Introduction: The ITAT Chennai recently pronounced its decision on the case involving Shri M.Y. Jahabar Sadique and the Income Tax Officer (ITO). The dispute revolves around the substantiation of a cash gift of Rs.6 Lacs received by the assessee from Shri N. Mohamad Najib. The ITAT upheld the AO’s stand on this matter, emphasizing the onus on the assessee to prove the source of the cash deposit. Detailed Analysis: The primary contention in this case was the inability of the assessee to substantiate a cash gift of Rs.6 Lacs received from Shr...