Joint Owner (Housewife) Not Taxable u/s 56(2)(vii)(b) Where Spouse Paid Entire Consideration

Swapnal Subhash Anbhavane Vs ITO (ITAT Mumbai) 56(2)(vii)(b) Addition Deleted: ITAT Mumbai Quashes Reopening & Holds Joint Owner (Housewife) Not Taxable Where Entire Consideration Paid by Spouse The Mumbai ITAT (SMC Bench) allowed the assessee’s appeal for AY 2017-18 and deleted the addition of ₹47.74 lakh made under Section 56(2)(vii)(b) on account of alleged undervaluation of a residential flat. The Tribunal held that the assessee, a homemaker and joint owner, had not contributed any consideration, which was entirely paid by her husband; merely being a joint name-holder does not attr...