Fully Explained Gift From Daughter Not Taxable as Unexplained Cash Credit

Rupam Dubey Vs ITO (ITAT Delhi) Delhi ITAT held that Rs. 3.5 lakh received by the assessee as a gift from her daughter was fully explained and not liable to be added as unexplained cash under Section 68. The ruling clarifies that genuine gifts with proper documentation cannot be taxed arbitrarily. The Income Tax Appellate Tribunal (ITAT), Delhi Bench, in the case of Rupam Dubey Vs. ITO, deleted an addition of ₹3,50,000 made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, thereby accepting the sum, which was a gift from the assessee’s daughter, as genuine. The case...