Widow faces tax notice for Rs 60 lakh cash deposits; why ITAT gave ‘gift’ relief
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The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16. However, she had not filed an income tax return (ITR) for the corresponding assessment year. The Assessing Officer (AO) subsequently issue...
The Income Tax Department discovered that a woman had deposited Rs 60,07,500 in cash into her bank account during the financial year 2015-16. However, she had not filed an income tax return (ITR) for the corresponding assessment year. The Assessing Officer (AO) subsequently issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961. As the woman did not respond, the AO passed an order.
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https://timesofindia.indiatimes.com/business/india-business/widow-faced-tax-demand-over-rs-60-lakh-cash-deposit-in-her-bank-account-itat-pune-accepts-explanation-that-it-was-a-gift-from-husband-and-deletes-addition/articleshow/135490535.cms
