Applicability of section 56 on disputed property as purchased ...

Purchase of Disputed Property from Relative Upheld; Principal Commissioner's Order Overturned.

December 21, 2023

Case Laws Income Tax AT

Applicability of section 56 on disputed property as purchased from relative - Additions u/s 56(2)(x) - since the assessee has purchased the land from the ‘relative’ and the said contention was duly supported by the genealogical tree, and the said fact has also already been examined by the AO, thus, in our considered opinion, the order of the Pr. CIT deserves to be quashed. - AT

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Applicability of section 56 on disputed property as purchased ...

Purchase of Disputed Property from Relative Upheld; Principal Commissioner's Order Overturned.

December 21, 2023

Case Laws Income Tax AT

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