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2020 (1) TMI 656 - HC - Income TaxIncome from other sources u/s 56 - addition on account of so called gift claimed to have been received from the relative - HELD THAT:- Tribunal took into consideration the details of the donor, more particularly, the PAN number, capital gain statement, bank statements and the other relevant documents. Upon perusal of the same, the tribunal concurred with the findings recorded by the CIT (A) as regards the genuineness of the transaction. The tribunal, thereafter, looked into the Section 56. The plain reading of the aforesaid provision would indicate that the assessee would fall within the definition of the term “relative” as explained under Section 56 of the Act. We are convinced with the reasons assigned by the appellate tribunal. We are of the view that none of the questions of law formulated in the memorandum of the tax appeal could be termed as substantial questions of law.
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