Property Gift Deed cannot be treated as Sham Transaction for mere non-registration of deed

Advertisement ACIT Vs Vibha Taneja (ITAT Delhi) Background: The case involves an appeal by the revenue against the CIT(A)-15, Delhi’s order for the assessment year 2014-15. The primary issue is the addition of Rs. 12.50 crores made by the AO under Section 69A of the Income Tax Act, 1961, concerning unexplained money. Facts: 1. The assessee declared long-term capital gains from selling a 1/3rd share in a property at Rani Jhansi Chowk, Delhi, and claimed exemption under Section 54. 2. The property was initially purchased by the assessee’s husband from M/s. Glorious Housing & L...