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Cash Gifts From Relatives Not Taxable; Section 68 Addition Quashed by ITAT Kolkata
Case Law Details
- Case Name
- DCIT Vs Mira Bibi (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Mira Bibi (ITAT Kolkata)
ITAT Kolkata: Cash Gifts from Brothers-in-Law Not Taxable—Section 68 Addition of ₹1.21 Cr Deleted
The Kolkata Bench of the ITAT dismissed the Revenue’s appeal for AY 2017-18 in the case of Mira Bibi, upholding the order of the CIT(A) which deleted the addition of ₹1.21 crore made under section 68 on account of cash gifts received from relatives.
The Tribunal noted that the assessee had received cash gifts of ₹75 lakh and ₹46 lakh from her brothers-in-law. During assessment, the assessee furnished confirmations, PAN, income-tax returns, balance sheet...
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