Cash Gifts From Relatives Not Taxable; Section 68 Addition Quashed by ITAT Kolkata

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...