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2024 (1) TMI 311 - ITAT KOLKATACash deposits during demonetization period u/s 69A - as per assessee amount gifted by father and mother - whether assessee’s parents have sufficient sources to gift the amount? - HELD THAT:- As it is apparent from the ITR filed by the assessee and the evidences furnished before us in the form of ITRs, computations of income, balance sheets, profit and loss accounts explaining the creditworthiness of the donors and the gift given on the occasion of marriage of the assessee out of natural love and affection. Assessee has sufficient sources of cash which was deposited into bank during demonetization period. We note that the assessee got married on 10.03.2016 and immediately after marriage she left her parental house in Raiganj to stay with her in-laws. Money was kept only with parents and the same was deposited into the bank by the parents of the assessee. So far as the gift of grand parent is concerned we are quite convinced that the family has financial worth to gift on the occasion of the grand daughter as the documents could not be furnished as the grand parent has since expired. We have also perused and considered written submission filed by the DR on 7.12.2023 after conclusion of hearing despite there being no direction to that effect and also the reply of the assessee dated 11.12.2023 thereto while arriving at the above conclusion. In view of the above facts and circumstances, we are inclined to set aside the order of CIT(A) and direct the AO to delete the addition. Decided in favour of assessee.
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