9911796707
TMI Blog2023 (5) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2008-09. The Ld. Assessing Officer ("AO") sought information under section 133(6) of the Income Tax Act, 1961 (the "Act") by issue of notice to the assessee which was not complied with. In the absence of PAN, it could not be ascertained whether the assessee had filed return for assessment year 2009-10 and declared capital gain from the said transaction. The Ld. AO, therefore, issued notice under section 148 of the Act on 28.3.2016 after obtaining approval of Pr. CIT, Noida under section 151(ii) of the Act. The notice was served upon the assessee but no compliance was made. Subsequent notices also remained uncomplied with. The Ld. AO, therefore, formed the opinion that the assessee had nothing to explain regarding capital gain arising fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in favour of the appellant. The appellant also enclosed a copy of indemnity bond issued in favour of the Noida Authority which is undated but was attested by an advocate M/s. R.K. Samson, Advocate on 15/05/2000 for mutation of the subject immovable property in favour of the appellant. Copies of affidavits affirmed by the mother (Smt. Darshan Devi) and two sisters of the appellant (Smt. Manju Garg and Smt. Suman Gupta) stating that they have no objection over mutation of the subject property existing in the name of the deceased father of the appellant in favour of the appellant were also filed. Based on these documents the appellant claimed that he was not liable to pay any tax on the instance of alleged gift by him to one of his full blo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lation to assessment year 2010-11 and subsequent years whereas the impugned transaction of transfer by way of gift took place during the financial year 2008-09 relevant to the assessment year 2009-10. 5.2 The Ld. AR argued that provision of section 50C is not relevant to the assessee's case as it applies to a case where there is under-statement of consideration in acquisition of property. There is no such allegation in the case of the assessee. 5.3 The Ld. AR submitted that plot was allotted by Noida Authority to the father of the assessee on which his father constructed property before 1990. The father of the assessee expired on 13.10.1999. The said property was transferred in the name of the assessee by Noida Authority during the year 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of love and affection, the transferor/ donor has agreed to gift lease hold rights/ ownership rights in respect of the said property in favour of transferee/ donee; that the transferor/ donor has obtained the permission of Noida authority vide their letter No. Noida/AGM/(IND)/2007/9120 dated 19.12.2007 to transfer/ gift the said property in favour of the transferee/donee; that the transferor/ donor has transferred and assigned all his rights, titles and interest in the said property TO HOLD the same to the transferee/ donee by virtue of this transfer/ gift deed; that this deed is without monitory consideration and the transferee/ donee has accepted the gift. 7. In view of the above recitals made in the transfer/ gift deed it is crystal cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any relative. The expression 'relatives' under Explanation (e) to section 56(2)(vii) means 'brother or sister of the individual'. Since the impugned transaction of gift of property is between brother and sister it falls outside the ambit of the provision of section 56(2)(vii)(b) of the Act. Therefore, the question of taxability of the impugned gift in the hands of the recipient donee Smt. Manju Garg does not arise at all. 7.3 As stated earlier, invocation of section 50C to the case of the assessee is irrelevant as the said provision applies where there is under-statement of consideration in acquisition of property. There is nothing like that in the case of the assessee. 8. Accordingly, we hold that on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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