https://www.taxtmi.com/caselaws?id=340025 The ITAT dismissed the assessee's Miscellaneous Application seeking rectification of a mistake in the order regarding the taxation of a transfer of machinery under section 56(2)(vii) of the Income Tax Act. The ITAT upheld the addition of the sum as the transfer was deemed assessable under the narrow definition of "property" in the explanation to section 56(2)(vii), despite the assessee's argument that the transfer should be exempt as it involved relatives. The ITAT concluded that the order was final and could not be reviewed, leading to the dismissal of the assessee's application. en-us Tue, 28 Feb 2017 00:00:00 +0530 Tue, 14 Mar 2017 09:51:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340025 The ITAT dismissed the assessee's Miscellaneous Application seeking rectification of a mistake in the order regarding the taxation of a transfer of machinery under section 56(2)(vii) of the Income Tax Act. The ITAT upheld the addition of the sum as the transfer was deemed assessable under the narrow definition of "property" in the explanation to section 56(2)(vii), despite the assessee's argument that the transfer should be exempt as it involved relatives. The ITAT concluded that the order was final and could not be reviewed, leading to the dismissal of the assessee's application. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340025