Addition cannot be made for invalid gift of immovable property

Shri P. Vijayadeva Reddy Vs The Assistant Commissioner of Income Tax (ITAT Bangalore);

As per the assessment order, the AO has noted that an amount of Rs. 1 crore was credited by the assessee to his capital account on this account that he has received a gift of Rs. 1 crore from his father being a property gifted by his father. As per the remand report dated 29.10.2013 available on page no. 5 of the paper book also, it is reported by the AO that the dispute is regarding credit of Rs. 1 crore in respect of alle

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