Addition u/s 56(2)(vii)(b) sustained as immovable property received without consideration

ITO Vs Pramod A. Thakur (ITAT Pune) ITAT Pune held that addition u/s 56(2)(vii)(b) of Income Tax Act sustainable as assessee failed to prove that the developer had agreed to share its developed area; which in turn, had come to the assessee from his father by way of nomination. Facts- The Revenue’s sole substantive ground raised in the instant appeal challenges correctness of the CIT(A)’s action deleting section 56(2)(vii)(b) addition of Rs.6,54,61,100/- made by the Assessing Officer in his assessment order dated 21.12.2017. Conclusion- Held that section 56(2)(vii)(b)(i) is attracted only w...