Addition of gift received from son solely relying on unverified newspaper unsustainable: ITAT Mumbai

DCIT Vs Lalita Devi Agarwal (ITAT Mumbai) ITAT Mumbai held that addition u/s. 68 towards amount received as gift from son not justified since addition is made in a baseless manner, solely relying on unverified newspaper reports. Accordingly, appeal of revenue dismissed. Facts- The present appeal has been filed by the revenue mainly contesting that CIT(A) has erred in allowing appeal of the assessee wherein assessee has claimed the entire amount of Rs.3crore as Gift received from her son. Conclusion- Held that for the purpose of making the addition, AO primarily relied on information sourced fr...