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CBDT Instruction No. 3/2017 Shields Small Deposits from Scrutiny-Gift from Grandmother Accepted
Case Law Details
- Case Name
- Ashwini Mysore Sathya Kumar Vs ITO (ITAT Bangalore)
- 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 Bangalore
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Ashwini Mysore Sathya Kumar Vs ITO (ITAT Bangalore)
CBDT Instruction No.3/2017 Shields Small Deposits from Scrutiny– Gift from Grandmother Accepted- Tribunal Deletes Addition-Student Assessee Gets Relief – ₹2 Lakh Deposit Not Unexplained Investment
Assessee, a student, had deposited ₹2 lakhs received as gift from grandmother into her bank account on 11.04.2017 & converted it into a term deposit. AO, noting that no return was filed, initiated proceedings u/s 144 & treated the deposit as unexplained investment u/s 69, relying on Operation Clean Money instructions. CIT(A) confirme...
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