ITAT Rules Rs 60 Lakh Cash Deposits as Gift from Late Husband
The Income Tax Department found a woman deposited Rs 60,07,500 in cash during 2015-16 but did not file an income tax return. The Assessing Officer issued a show-cause notice under Section 148A(b) of the Income Tax Act, 1961. After no response, the AO passed an order. The ITAT treated the amount as a gift from her late husband.
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