NRI Cash Gift Addition Under Section 68 Remanded by ITAT Chennai

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-...