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Addition u/s 56(2)(vii)(b) sustained as immovable property received without consideration
Case Law Details
- Case Name
- ITO Vs Pramod A. Thakur (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
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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...
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