Gift in kind taxable only if received on or after 1-9-2004 under the provisions of Section 56(2)(v)

CASE LAWS DETAILS DECIDED BY: ITAT, MUMBAI BENCH `A’, IN THE CASE OF: ACIT Vs. Anuj Agarwal, APPEAL NO: ITA No. 4945/Mum/2008, DECIDED ON October 14, 2009 RELEVANT PARAGRAPH 3. The assessee is an individual. The assessee filed return of income for A.Y. 2006-07 on 29.12.2006 declaring total income of Rs. 2,77,700/-. There was a search and seizure operation u/s. 132 of the Act in the case of Vasudev D. Agarwal group on 2.3.2006. The assessee was one of the member of this group “/hose residential premises was also searched. In course of search in the residence of Mr. Rajkumar Agarwal,...