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No Income Tax on Cash Gift from Father & Father-in-Law: ITAT Delhi
Case Law Details
- Case Name
- Krishna Nand Rai Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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Krishna Nand Rai Vs ITO (ITAT Delhi)
ITAT Delhi addressed an appeal filed by Krishna Nand Rai against an NFAC order dated March 15, 2024. The case revolved around the addition of ₹10,80,000 as taxable income based on cash deposits made by the assessee. The assessee, married in February 2011, claimed that the amount comprised gifts of ₹5,00,000 from his father and ₹5,80,000 from his father-in-law. Affidavits from both donors affirmed these gifts, stating that the funds originated from agricultural income. The assessee also presented supporting evidence, including marriage invitation cards...
