https://www.taxtmi.com/caselaws?id=344596 The Tribunal partly allowed the appeal by upholding the addition of Rs. 3,00,000 under Section 68 of the Income Tax Act for gifts received but deleted the addition of Rs. 28,840 on Long Term Capital Gain under Section 50C. The Tribunal found the donors lacked creditworthiness for the gifts, supporting the AO and CIT(A)'s decision on Section 68. However, it ruled that Section 50C did not apply due to the transfer being based on an unregistered agreement, following precedents that held Section 50C inapplicable to such agreements. en-us Tue, 11 Apr 2017 00:00:00 +0530 Wed, 21 Jun 2017 09:21:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344596 The Tribunal partly allowed the appeal by upholding the addition of Rs. 3,00,000 under Section 68 of the Income Tax Act for gifts received but deleted the addition of Rs. 28,840 on Long Term Capital Gain under Section 50C. The Tribunal found the donors lacked creditworthiness for the gifts, supporting the AO and CIT(A)'s decision on Section 68. However, it ruled that Section 50C did not apply due to the transfer being based on an unregistered agreement, following precedents that held Section 50C inapplicable to such agreements. Case-Laws Income Tax Tue, 11 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344596