Section 56(2)(v) relative definition not apply for Specified Domestic Transactions

Smt. Anita Sunil Mahajan Vs ACIT (ITAT Pune) Definition of ‘relative’ for Specified Domestic Transactions (SDTs) should be as per Section 2(41) of Income Tax Act, 1961 and Section 56(2)(v) would not apply. Case Summary: – Facts of the case: During AY 2013-14, Smt. Anita Sunil Mahajan (Assessee), filed her return declaring total income at Rs.18.61 lakhs. The Assessee reported four payments totaling Rs.19.64 crores in the tax audit report, as having been made to persons specified u/s 40A(2)(b). AO observed that total of such transactions in the nature of Specified Domestic Tra...