Tribunal accepts mother's gift evidence in son's property and cash deposit tax case
A tax assessing officer treated a man's property investment of Rs 20.24 lakh and cash deposits of Rs 13.05 lakh as unexplained income. As a result, the officer added about Rs 33.29 lakh to his income. The man challenged the assessment before the Commissioner of Income Tax (Appeals). The Income Tax Appellate Tribunal (ITAT) accepted evidence that his mother had gifted him the funds.
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