https://www.taxtmi.com/caselaws?id=360689 The Tribunal allowed the appeal, setting aside the decision of the Commissioner (Appeals) regarding the addition of Rs. 48,57,000 under income from other sources. It ruled that the transaction was not taxable under Section 56(2)(vii)(b) as the provisions were not applicable at the time of the transaction, as per the Finance Act, 2010. The Tribunal overturned the decision based on a CBDT circular, determining that the property was not received without consideration. The issue of liability under Section 234B of the Income Tax Act 1961 was not addressed due to the favorable ruling on the primary issue. en-us Fri, 11 May 2018 00:00:00 +0530 Mon, 21 May 2018 12:10:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360689 The Tribunal allowed the appeal, setting aside the decision of the Commissioner (Appeals) regarding the addition of Rs. 48,57,000 under income from other sources. It ruled that the transaction was not taxable under Section 56(2)(vii)(b) as the provisions were not applicable at the time of the transaction, as per the Finance Act, 2010. The Tribunal overturned the decision based on a CBDT circular, determining that the property was not received without consideration. The issue of liability under Section 234B of the Income Tax Act 1961 was not addressed due to the favorable ruling on the primary issue. Case-Laws Income Tax Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360689