Gift Received from Brother-in-Law is Exempt under section 56(2)

PCIT Vs Arvind N Nopany (Gujarat High Court) The issue under consideration is whether the gift received from Brother-in-law is exempt u/s 56(2) of I T Act? High Court states that, the tribunal took into consideration the details of the donor, more particularly, the PAN number, capital gain statement, bank statements and the other relevant documents. Upon perusal of the same, the tribunal concurred with the findings recorded by the CIT (Appeals) as regards the genuineness of the transaction. The tribunal, thereafter, looked into the Section 56 of the Act. As per the plain reading of the Section...