No addition U/s 68 in respect of gift received from maternal aunt out of natural love

Pendurthi Chandrasekhar Vs DCIT (Andhra Pradesh HC)

Conclusion: AO was not justified in adding the amount of Rs. 73,00,000 to the account of  assessee received from maternal aunt as the donor herself had given a confirmation letter clearly stating therein that she had transferred the amount  and further declaring that she gave the said gift out of natural love and affection towards her nephew and moreover, the donor being no other than the assessee’s own maternal aunt, who was a ‘relative’ as defined under the Explanation to section 56(2)(v).Please become a Premium member. If you are already a Premium member, login here to access the full content.