Gift for personal use from family members doesn’t require any special occasion

Hemant Pandya Vs ITO (ITAT Indore) ITAT Indore held that addition u/s 69 of the Income Tax Act towards gifts received from family members unsustainable as receiving gift from family members, namely father and mother for personal use, do not require any special occasion. Facts- During assessment-proceeding, AO found that the assessee has made cash deposits of Rs. 14,76,000/- in SB A/c with Bank of Baroda, AB Road, Indore. When the AO asked the assessee to explain the source of deposits, the assessee submitted that the same is (i) cash-gift of Rs. 7,65,000/- received from Shri Mithilesh Kumar Pa...