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Deposited wedding gift money in your bank account? ITAT ruling explains when cash deposits can face income tax

5 hours ago 1
The Pune ITAT accepted ₹2.75 lakh of a bank employee’s ₹3 lakh cash deposits as wedding gifts and savings but sustained a ₹25,000 addition due to missing gift confirmations. The ruling highlights why taxpayers should maintain records of cash gifts and their sources.
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