Taxation of Gift given by cessation of Trading Liability

IN THE ITAT COCHIN BENCH Rajesh Kumar V/s. Assistant Commissioner of Income-tax IT Appeal No. 434 (Coch.) of 2010 [Assessment year 2007-08] July 5, 2012 ORDER B.R. Baskaran, Accountant Member The appeal of the assessee is directed against the order dated 21-04-2010 passed by the Ld. CIT(A)-IV, Kochi and it relates to the assessment year 2007-08. 2. The assessee is assailing the decision of the Ld. CIT(A) in holding that the gift of Rs. 75.00 lakhs received by the assessee is in the nature of remission of liability and hence taxable u/s. 41(1) of the Act. 3. The facts relating...