Cash Gift taxable in the year of receipt and not in year it was traced

Advertisement Gaurav Agarwal Vs DCIT (ITAT Lucknow) From the examination of documents found during search and seizure operation u/s. 132 of the Act the Assessing Officer observed that assessee had received cash gifts of Rs.5,38,000/- in the name of his minor son. The Assessing Officer issued show cause notice to explain the cash gift received of Rs.5,38,000/- by minor son on the occasion his birthday. In the reply, the assessee submitted that part of cash gift received was spent in organizing the get together by family members and remaining amount was within the limit of provisions of Secti...