Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be materialised and no transaction of land taken place - actually no transaction has been materialised for which it could be assumed that deemed gift is assessable in the hands of the assessee. In view of the above discussion, we allow this appeal and delete the addition done by the Assessing Officer with the aid of section 56(2)(vii)(b) (ii) - AT
Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be materialised and no transaction of land taken place - actually no transaction has been materialised for which it could be assumed that deemed gift is assessable in the hands of the assessee. In view of the above discussion, we allow this appeal and delete the addition done by the Assessing Officer with the aid of section 56(2)(vii)(b) (ii) - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
