Family Settlement Bungalow Acquisition: No Commercial Intent or Colorable Device, Examined u/ss 56(2)(vii)(b) & 69B of IT Act.

Addition u/s 56(2)(vii)(b) and Section 69B - Family Settlement - assessee has acquired the Bungalow due to relinquishment of rights in the said property by three brothers of the assessee for Rs.NIL - no commercial transaction have been entered into between the assessee and his brothers and there is no colourable device. - AT .....

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