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ITAT allowed the assessee's appeal and deleted the addition under section 56(2) arising from a purported gift, holding that the amount received from the spouse of the assessee's sister falls within the definition of "relative" and is therefore exempt. The Tribunal found the remitted funds were routed through normal banking channels and documentary evidence of the source was furnished; no statutory requirement for a formal gift deed exists for movable property nor for exemption under section 56(2), and the Gift Tax Act is not in operation. The AO's characterization of the receipt as income from other sources was reversed; any tax consequence, if relevant, would lie in the hands of the donor, not the assessee.
ITAT allowed the assessee's appeal and deleted the addition under section 56(2) arising from a purported gift, holding that the amount received from the spouse of the assessee's sister falls within the definition of "relative" and is therefore exempt. The Tribunal found the remitted funds were routed through normal banking channels and documentary evidence of the source was furnished; no statutory requirement for a formal gift deed exists for movable property nor for exemption under section 56(2), and the Gift Tax Act is not in operation. The AO's characterization of the receipt as income from other sources was reversed; any tax consequence, if relevant, would lie in the hands of the donor, not the assessee.
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