Section 147 proceedings invalid as addition was made under section 56 for escapement of income of capital gain

Smt. Nalini Anilbhai Amin Vs DCIT (ITAT Ahmedabad) The proceedings, in the instant case, under section 147 of the Act were initiated by the AO on account of escapement of income of the capital gain generated on the sale of the property. This fact can be verified from the reasons recorded by the AO for initiating the proceedings under section 147 of the Act which is placed on page 16 of the paper book. However, the AO has made the addition for Rs. 1,55,01000.00 under the provisions of section 56(2)(vii)(a) of the Act on account of the money received by the assessee without consideration. As per...