Amount gifted by brother cannot be treated as unexplained: ITAT Chennai

Dhanasekaran Ramasamy Vs ITO (ITAT Chennai) ITAT Chennai held that the amount gifted by the brother cannot be treated as unexplained. Accordingly, addition u/s. 69 of the Income Tax Act deleted to that extent. In the result, the appeal is partly allowed. Facts- The assessee is an individual and did not file the return of income for AY 2013-14. AO received an information from the office of the DIT (I & CI) Salem that the assessee has contributed an amount of Rs. 74,35,000/- as his share in the purchase of two properties on behalf of the partnership firm M/s Madhuraj Associates in which asse...