ITAT Chennai gives relief in Rs 85.03 lakh cash gifts case
A Chennai man who received cash gifts of Rs 85.03 lakh from relatives, formalised them through gift deeds and deposited the money in his bank account was sent notices by the Income Tax Department. The donors were his wife, paternal uncles, maternal uncle and sister's husband. Officials treated the sum as unexplained and the Commissioner of Appeals upheld the addition. ITAT Chennai granted relief, saying suspicion over donors' funds cannot sustain the addition when donor identity and genuineness are undisputed.