Gifts from Sisters Held Genuine – Section 68 Can’t Tax Natural Love and Affection

Sharad Maheshwari Vs ITO (ITAT Agra)

Brother’s Capital, Sisters’ Affection- ITAT Agra Deletes Addition on Gifts from Sisters — Relationship & Source Held Genuine -Section 68 Can’t Tax Natural Love & affection

Assessee, deriving income from partnership firms, had shown capital introduction of ₹1.83 crore during the year, sourced mainly from gifts aggregating ₹2.80 crore received from his sisters- Smt. Shashi Bansal & Smt. Manju Agarwal. AO disbelieved part of the gifts- ₹10.94 lakh from Smt. Shashi Bansal & ₹6.25 lakh from Smt

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