The Times of India

Son faced notices over property buy & cash deposits; ITAT accepts mother's gift evidence

The Assessing Officer (AO) treated both the property investment of Rs 20,23,778 and the cash deposits of Rs 13,04,900 as unexplained. This resulted in additions of Rs 33,28,678, or approximately Rs 33.29 lakh, to the mans income. The person contested the assessment before the Commissioner of Income Tax (Appeals).