Case Law Details
Case Name : Deb Prasanna Choudhury Vs ADIT/DCIT (ITAT Kolkata)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Kolkata
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Deb Prasanna Choudhury Vs ADIT/DCIT (ITAT Kolkata)
No Requirement of a Gift Deed for Gifts Received from Relatives to Claim Exemption Under Section 56 of the Income Tax Act
The Income Tax Appellate Tribunal (ITAT) Kolkata Bench delivered its order on 4 November 2025 in an appeal filed by an individual taxpayer against the order of the Commissioner of Income Tax (Appeals)-22, Kolkata, dated 13 May 2024, for the Assessment Year 2012–13. The appeal challenged the addition of ₹80 lakh as taxable income under Section 56(2)(vii) of the Income Tax Act, 1961, arising from a gift received from the ...
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For the purpose of section 56 there is no need or requirement of any gift deed, espceiilly when it is from a relatie