2025 (9) TMI 1026

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.... emanating from the order of the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi dated 18.03.2025 pertaining to assessment year 2018-19 on the solitary issue of addition of Rs. 3,50,000/-. 2. Heard both the sides and perused the records. 3. Brief facts of the case are that AO in the assessment proceedings noted that there was information in the insight portal that large amount of cash ....

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....sessee and added the sum of Rs. 3,50,000/- an unexplained cash credit u/s. 68 of the Act and completed the assessment u/s. 147 of the Act. Aggrieved with the action of the AO, assessee preferred the appeal before the Ld. CIT(A), who vide his impugned order dated 18.03.2025 sustained the addition by reiterating the observations of the AO that the source of gift has been shown as cash deposits in he....

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.... At the time of hearing, Ld. AR has submitted that assessee is an individual and a teacher by profession and engaged in the tuition activity during the year under consideration. The main grievance of the assessee is that addition of Rs. 3,50,000/- made by the AO u/s. 68 of the Act on account of gift received by the assessee from her daughter without appreciating the reply and documents submitted d....

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....nk account. As far as during the demonetization period is concerned, only the currency of Rs. 500/- and Rs. 1000/- were scraped leaving the small currency intact. The daughter of the assessee Vijayratnam Pandit has small savings from last many years, she had only small currency with her, making no direct impact of demonetization. It is also undisputed that her daughter is not a minor, she is 25 ye....