Gift from Mother Cannot Be Treated as Unexplained Investment: ITAT Hyderabad

Manikanta Prudhvi Prabhakar Jonnala Vs ITO (ITAT Hyderabad) Hyderabad ITAT: Gift from Mother Cannot Be Treated as Unexplained Investment When Donor’s Identity, Capacity and Source Are Established The Hyderabad ITAT condoned a delay of 30 days in filing the appeal after accepting the assessee’s explanation that he was residing in Canada, depended on his Chartered Accountant for handling tax matters, and filed the appeal promptly after becoming aware of the order through a recovery notice. On merits, the dispute concerned an addition of ₹5,71,944 under Section 69 of the Income-tax Act,...