ITAT accepts Rs 13 lakh cash deposit explained by mother’s jewellery sale
In short
An Income Tax Appellate Tribunal accepted a man’s explanation for a Rs 13 lakh cash deposit. He said the money came from his mother’s sale of gold jewellery, and the claim was backed by a notarised gift deed and a registered valuer’s report.
This matters because the tax addition was removed. The reporting does not say the exact date or where the case was heard.
What the reporting says
An Income Tax Appellate Tribunal decision accepted a man’s explanation for a Rs 13 lakh cash deposit in a bank account, saying the money came from his mother’s gold jewellery sale. The reporting says the claim was backed by a notarised gift deed and a registered valuer’s report. The immediate result was deletion of the income tax addition, while the reporting does not state the case date or jurisdiction.
Why it matters
The Income Tax Appellate Tribunal accepted a taxpayer’s explanation that Rs 13 lakh deposited in cash came from a gift linked to his mother’s sale of gold jewellery. The reporting says the explanation was supported by a notarised gift deed and a registered valuer’s report. The immediate consequence was deletion of the income tax addition, but the case date and jurisdiction are not stated.