Hyderabad ITAT rules tax authorities cannot treat gift from mother as unexplained investment if source is proved

The Hyderabad ITAT ruled that a gift from a mother is not an unexplained investment if the source is proved. In the case of Manikanta Prudhvi Prabhakar Jonnala, the Tribunal deleted an addition of ₹5.72 lakh. It said the tax department failed to show the gift transaction was not genuine.