Case Law Details
PCIT Vs Arvind N Nopany (Gujarat High Court)
The issue under consideration is whether the gift received from Brother-in-law is exempt u/s 56(2) of I T Act?
High Court states that, the 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 (Appeals) as regards the genuineness of the transaction. The tribunal, thereafter, looked into the Section 56 of the Act. As per the plain reading of the Section 56(2), the assessee would fall within the definition of the term “relative”. In the overall view of the matter, HC are convinced with the reasons assigned by the appellate tribunal. HC 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. Accordingly, the appeal filed by the revenue dismissed.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
1. This tax appeal under Section 260A of the Income Tax Act, 1961 [for short ‘the Act, 1961’] is at the instance of the revenue and is directed against the order dated 24th January 2019 passed by the Income Tax Appellate Tribunal Ahmedabad Bench ‘A’, Ahmedabad in the ITA No.128/AHD/2016 for the A.Y 200809.
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