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of <h1>Assessee's Appeal Allowed: Cash Gifts Deemed Genuine, No Interest Imposed</h1> <h3>RAMESH C. SHAH. Versus FORUTH INCOME TAX OFFICER.</h3> The ITAT Bombay-B allowed the assessee's appeal, overturning the addition of Rs. 9,500 as income from undisclosed sources. The Tribunal found the cash ... - The ITAT Bombay-B allowed the appeal by the assessee regarding the addition of Rs. 9,500 as cash gifts treated as income from undisclosed sources. The Tribunal accepted that the gifts were genuine, considering the relationship with the donors and their financial position. The appeal was allowed, and no interest was levied under ss. 139 (B) and 217 (1A).
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