Man deposits Rs 85.3 lakh given to him as cash gifts, gets notice; ITAT gives relief

In one such case in Chennai, a man received cash gifts of Rs 85.03 lakh from his relatives. The Income Tax Department began making enquiries into the source of the Rs 85.03 lakh deposited by the man. The department also sent tax notices to the relatives who had given him the cash. The man eventuall…