Shares Gifted to Assessee Taxed as Capital Gains, Not Income from Other Sources, Section 56(1) Inapplicable.

Income from other sources u/s. 56(1) - gift of shares received by the assessee - The gift received by the assessee in present case is in the capital field and can be brought to tax under the head capital gain. Accordingly, the provision of section 56(1) cannot be resorted to. - AT .....

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