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2016 (5) TMI 217 - AT - Income TaxAddition held to be gift of shares - Held that:- AO has connected the impugned gift with the sale of Gotri land and that issue is yet to be decided in AY 2009-10, therefore the ld.CIT(A) has rightly held that the gift being transferred “in kind” hence not to be taxed for the year under consideration CIT(A) has rightly deleted the addition of ₹ 46,80,540/- as the gift which was part of the total gift received by family members at 4.70 crores formed part of the undisclosed sale consideration of Gotri land which took place during Asst. Year 2009-10 and, therefore, no addition was called for during Asst. Year 2008-09. Accordingly no interference is called for with the order of ld. CIT(A). - Decided in favour of assessee
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