Gift Deed for ₹26.36 Lakh Cash Gift Admitted at ITAT Stage in Interest of Justice

Nikhil Vinod Raj Rathod Jain Vs ITO (ITAT Mumbai) Cash Gift from Father Needs Verification, Not Straight Rejection: ITAT Mumbai Remands ₹26.36 Lakh Cash Deposit Addition Mumbai ITAT,set aside the order of the CIT(A), NFAC and remanded the matter to the AO for fresh examination of cash deposit addition of ₹26.36 lakh made u/s 68. The AO had treated cash deposits in the Assessee’s bank account as unexplained, rejecting the explanation that the amounts were received as cash gifts from his late father, withdrawn from the father’s bank account on corresponding dates. The CIT(A) sustained th...