Registered Gift Deed for Immovable Property cannot be Treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that a registered gift deed for immovable property cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act. The case involved a taxpayer who received property as a gift, and the tax authorities sought to classify it as unexplained income. The tribunal held that since the gift was duly registered and documented, it could not be treated as unexplained cash credit. This ruling provides clarity on the treatment of gifts under tax laws and protects taxpayers from arbitrary assessments of their legitimate assets.