Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT held that where immovable property is gifted by a spouse to the other without adequate consideration, s.64(1)(iv) applies and income arising on subsequent transfer (including capital gains) is taxable in the hands of the transferor spouse, not the recipient. The tribunal distinguished "adequate consideration" from "good consideration" (love and affection) and confirmed that absence of consideration triggers attribution of income to the donor. Consequently, the capital gain on sale of the gifted agricultural land is chargeable to the husband (donor) and not to the wife (recipient); the appeal in favour of the assessee succeeds.
ITAT held that where immovable property is gifted by a spouse to the other without adequate consideration, s.64(1)(iv) applies and income arising on subsequent transfer (including capital gains) is taxable in the hands of the transferor spouse, not the recipient. The tribunal distinguished "adequate consideration" from "good consideration" (love and affection) and confirmed that absence of consideration triggers attribution of income to the donor. Consequently, the capital gain on sale of the gifted agricultural land is chargeable to the husband (donor) and not to the wife (recipient); the appeal in favour of the assessee succeeds.
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TaxTMI 
TaxTMI 
of 4915 
