Burden to Prove Genuineness of Large Volume of Cash Deposit as Gift to Grandson During Demonetization Lies on Assessee: ITAT [Read Order]

Large- Volume - Cash- Deposit - Gift - Grandson - Born - Demonetization -Business- Man-ITAT-TAXSCAN

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT), while re-directing adjudication of an income tax appeal observed that the burden to prove that the large volume of cash deposit as a gift to a grandson during the demonetisation is not suspicious shall lies on the assessee. The assessee, Pitchi Reddy Garlapati, was an individual…

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