Mother–Son Gifted Land Misinterpreted as Sale: ITAT Delhi Remands Case to CIT(A)

Syed Faraz Shere Vs ITO (ITAT Delhi) Gift by Mother, Not Transfer by Son: ITAT Gives Assessee Final Chance to Prove Reality Assessee challenged reassessment order passed u/s 147 r.w.s 144, wherein AO treated transfer of agricultural land valued at ₹86,07,707 as assessee’s taxable capital-gain transaction. According to AO & CIT(A), assessee failed to furnish sale deed / supporting evidence &  therefore addition of ₹60,25,395 was sustained. Before ITAT, assessee explained that the land was ancestral property owned by his mother, who had gifted 0.2810 hectare to her children vide r...