Gift from Mother Treated as Cash Credit: ITAT Allows Fresh Hearing

Bankim Harrai Vashi Vs DCIT (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat Bench, considered an appeal against an order passed by the Commissioner of Income Tax (Appeals), NFAC, relating to Assessment Year 2016-17. The assessee had filed a return declaring total income of Rs.57.20 lakh and exempt income of Rs.65.88 lakh. During scrutiny assessment, the Assessing Officer found that a gift of Rs.30 lakh received from the assessee’s mother was not properly explained and added the amount as unexplained cash credit under Section 68 of the Income Tax Act. The assessee challenged the ...