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NRI Cash Gift Addition Under Section 68 Remanded by ITAT Chennai
Case Law Details
- Case Name
- Kumaresan Muthukrishnan Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Chennai
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Kumaresan Muthukrishnan Vs ITO (ITAT Chennai)
NRI Gets One More Chance—With Cost: ITAT Sets Aside 68 Addition on Cash Gifts, Remands Matter to CIT(A)
The Chennai ITAT has condoned a delay of 648 days and set aside the ex-parte order of CIT(A), granting the Non-Resident Assessee one final opportunity to substantiate his claim relating to cash deposits treated as unexplained u/s 68 for AY 2020-21.
The Assessee, a Non-Resident Indian residing in Canada, had deposited ₹11.26 lakh in his joint ICICI Bank account during FY 2019-20. He claimed that the amount represented gifts from his father-in-...
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