https://www.taxtmi.com/caselaws?id=768299 The ITAT Delhi partially allowed the assessee's appeal regarding unexplained cash deposits under Section 69A read with Section 115BBE. The assessee claimed deposits were exempted gifts from relatives received on various occasions like festivals and birthdays. While the tribunal accepted that customary gifts below Rs 50,000 were legitimate, it questioned a deposit of Rs 3,50,000 by one donor and the absence of similar deposits in previous years. The tribunal deleted half the addition made by the AO, treating that portion as customary exempted gifts from relatives. en-us Wed, 02 Apr 2025 00:00:00 +0530 Fri, 04 Apr 2025 07:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768299 The ITAT Delhi partially allowed the assessee's appeal regarding unexplained cash deposits under Section 69A read with Section 115BBE. The assessee claimed deposits were exempted gifts from relatives received on various occasions like festivals and birthdays. While the tribunal accepted that customary gifts below Rs 50,000 were legitimate, it questioned a deposit of Rs 3,50,000 by one donor and the absence of similar deposits in previous years. The tribunal deleted half the addition made by the AO, treating that portion as customary exempted gifts from relatives. Case-Laws Income Tax Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768299