https://www.taxtmi.com/caselaws?id=66442 The Tribunal ruled in favor of the assessee in a property income assessment case for the year 1979-80. It held that the income portion treated as a gift without consideration was unfounded. The Tribunal dismissed the revenue's argument against allowing the set-off of meher amount, stating it lacked support. It emphasized that bonafide transactions should not be altered by tax authorities and rejected the application of section 64 of the Income-tax Act. The Tribunal found the consideration in the transaction reasonable and valuable, ultimately ruling in favor of the assessee and dismissing the departmental appeal. en-us Wed, 29 Feb 1984 00:00:00 +0530 Thu, 24 Feb 2011 16:58:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66442 The Tribunal ruled in favor of the assessee in a property income assessment case for the year 1979-80. It held that the income portion treated as a gift without consideration was unfounded. The Tribunal dismissed the revenue's argument against allowing the set-off of meher amount, stating it lacked support. It emphasized that bonafide transactions should not be altered by tax authorities and rejected the application of section 64 of the Income-tax Act. The Tribunal found the consideration in the transaction reasonable and valuable, ultimately ruling in favor of the assessee and dismissing the departmental appeal. Case-Laws Income Tax Wed, 29 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66442