ITAT deletes addition of Rupees. 30 Lacs received by Actor Kushal Tandon as a gift from his Father

Last updated: 11 September 2021

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The Income Tax Appellate Tribunal (ITAT) has ruled in favour of actor Kushal Tandon, deleting an addition of £30 lakhs that the Assessing Officer had treated as an unexplained cash credit. The ITAT found that Tandon had provided sufficient evidence, including his father's financial statements and a gift deed, to prove the nature and source of the gift. The tribunal also addressed issues regarding the disallowance of a donation deduction and the ad-hoc disallowance of business expenses, finding in favour of Tandon on these points as well.

Court :
ITAT Mumbai

Brief :
In Shri Kushal Virendra Tandon v. ACIT [ITA No.7572/MUM/2019 dated September 03, 2019], Kushal Tandon ("the Appellant") filed an appeal against the order passed by the Commissioner of Income Tax, Mumbai ("the Respondent"), dated September 17, 2019, which in turn arises from the order passed by the Assessing Officer ("AO") under Section 143(3) of the Income Tax Act, 1961 ("the IT Act"), dated December 27, 2016 for Assessment Year 2014-15.

Citation :
ITA No.7572/MUM/2019 dated September 03, 2019

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1 Year PLAN - Rs.~~1999~~

1799

(Excl. of GST ₹323)

2 Years PLAN - Rs.~~3499~~

3149

(Excl. of GST ₹566)

BEST VALUE

3 Years PLAN - Rs.~~4999~~

4499

(Excl. of GST ₹809)

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Judgement posted by

Bimal Jain

Service

FCA, FCS LLB with21 Yrs of Experience inTaxation Indirect and Direct: Education Qualification: B.Com (Hons) Chartered Accountants Company Secretary LLB Qualified SAP FI/CO Consultants Professional Membership: Chairmanof Indirect Tax Committee of PHD Chamber of Commerce Member of Indirec ... Read more

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