Retrospective effect to provisions of section 56(2)(vii)(b) of Income Tax Act unjustifiable

Arvinder kaur Vs ITO (ITAT Delhi) ITAT Delhi held that provisions of Section 56(2)(vii)(b) of the Income Tax Act Act which were introduced in the Act by Finance Act, 2010 cannot be given retrospective effect. Facts- The dispute between the revenue and the assessee arises out of transfer of a plot in favour of the assessee by one Sri Charan Singh. The assessee claimed before the Ld. AO, that it was a gift made to her on 15.04.2009 by her maternal uncle who had executed a gift deed on 15.04.2009. It was claimed by the assessee that as authorities were not transferring the property merely on the ...