https://www.taxtmi.com/caselaws?id=459970 The ITAT Surat-AT ruled in favor of the assessee regarding a revision under section 263 concerning a gift received from grandmother. The PCIT challenged the AO's acceptance of the gift without adequate inquiry under section 68, arguing it should have been taxed as unexplained cash credit under section 115BBE. The tribunal distinguished between lack of inquiry and inadequate inquiry, finding the AO had conducted some inquiry by examining affidavits, gift deed, bank statements, and other documents. Since the assessee provided substantial documentation including banking channel evidence and the AO took a possible view, the PCIT's order was deemed unsustainable and set aside. en-us Tue, 27 Aug 2024 00:00:00 +0530 Tue, 07 Jan 2025 07:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459970 The ITAT Surat-AT ruled in favor of the assessee regarding a revision under section 263 concerning a gift received from grandmother. The PCIT challenged the AO's acceptance of the gift without adequate inquiry under section 68, arguing it should have been taxed as unexplained cash credit under section 115BBE. The tribunal distinguished between lack of inquiry and inadequate inquiry, finding the AO had conducted some inquiry by examining affidavits, gift deed, bank statements, and other documents. Since the assessee provided substantial documentation including banking channel evidence and the AO took a possible view, the PCIT's order was deemed unsustainable and set aside. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459970