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        Case ID :
        Income Tax

        Addition in view of the Provisions of section 50C on the Gift of...

        Tribunal Allows Corporate Gift of Plots, Rejects Section 50C Addition Due to Lack of 'Natural Love and Affection.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other company can be genuine, considering the fact that the company is an Artificial Judicial Person and the element of “natural love and affection” cannot be exist - The department made an addition under Section 50C regarding the gift of plots. The appellant argued that the transfer of property act allows for such gifts, and cited relevant legal provisions and case law. The appellate tribunal upheld the appellant's contention, deleting the addition made by the Assessing Officer.
                                Note: It is a system-generated summary and is for quick reference only.
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