No section 56(2)(vi) addition for Gift received from brother-in-law

Y. C. Kallinatha Vs ACIT (ITAT Bangalore) The assessee had received a gift of Rs.22.50 lakh from Shri T.C.Shivakumar, who is brother-in- law of the assessee. The assessee had considered the transaction not coming within the purview of section 56(2)(vi) of the I.T.Act since gift was received from a relative covered under the definition of “relative”as given in Explanation to section 56(2)(vi) of the I.T.Act. During the course of assessment proceedings, confirmation was filed by the donor. The A.O. summoned the donor Shri T.C.Shivakumar and a sworn statement was recorded from him wherein he ...