Addition u/s 69A deleted as receipt of gifts in cash on various occasions is common in India

Jasmine Anand Vs ACIT (ITAT Delhi)

ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards unexplained money u/s 69A deleted.

Facts- A survey action u/s 133A of the Income Tax Act, 1961 was carried out on “U&I Vaults Pvt. Ltd.”

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