Cash Deposits Partially Exempted as Customary Gifts from Relatives Under Section 69A and 115BBE

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITAT partially allowed the appeal concerning unexplained cash deposits under section 69A r.w.s 115BBE. The appellant claimed exemption for cash gifts received from relatives on occasions like marriage anniversaries, Diwali, and birthdays. While the Tribunal acknowledged Indian custom of giving gifts on such occasions, it noted the appellant failed to explain why Rs. 3,50,000 was deposited by Sh. Sandeep Sharma in her account and why such customary gifts weren't regularly deposited in previous years. Considering these factors, ITAT accepted half of the contested amount as exempted customary gifts and deleted half of the addition made by the AO, thus partially allowing the appeal.....