https://www.taxtmi.com/caselaws?id=765689 ITAT Chandigarh held that an assessee successfully explained undisclosed cash deposits as gifts from her deceased father through an unregistered gift deed and sale deed of agricultural land. The tribunal ruled that non-registration alone cannot invalidate a gift deed when the original document was presented for verification and the AO failed to conduct further examination. Despite inability to produce the father's bank statements, the assessee discharged the burden of proving the gift's nature and source, as the father's creditworthiness was established through verified agricultural land sale proceeds. The AO's treatment of the gift as undisclosed income was unjustified. en-us Wed, 05 Feb 2025 00:00:00 +0530 Fri, 07 Feb 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765689 ITAT Chandigarh held that an assessee successfully explained undisclosed cash deposits as gifts from her deceased father through an unregistered gift deed and sale deed of agricultural land. The tribunal ruled that non-registration alone cannot invalidate a gift deed when the original document was presented for verification and the AO failed to conduct further examination. Despite inability to produce the father's bank statements, the assessee discharged the burden of proving the gift's nature and source, as the father's creditworthiness was established through verified agricultural land sale proceeds. The AO's treatment of the gift as undisclosed income was unjustified. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765689