https://www.taxtmi.com/caselaws?id=362819 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to delete the addition made by the Assessing Officer under section 56(2)(vii)(b) of the Income-tax Act, 1961 for the assessment year 2013-14. The Tribunal found that the transaction was for consideration, as evidenced by the conveyance deed specifying the sale amount of Rs. 30,00,000 and the subsequent payments made through banks. Since the Finance Act 2013 provisions were not retrospective and did not apply to the relevant assessment year, the addition made by the Assessing Officer was deemed unsustainable. The Tribunal dismissed the revenue's appeal. en-us Fri, 29 Jun 2018 00:00:00 +0530 Tue, 03 Jul 2018 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362819 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to delete the addition made by the Assessing Officer under section 56(2)(vii)(b) of the Income-tax Act, 1961 for the assessment year 2013-14. The Tribunal found that the transaction was for consideration, as evidenced by the conveyance deed specifying the sale amount of Rs. 30,00,000 and the subsequent payments made through banks. Since the Finance Act 2013 provisions were not retrospective and did not apply to the relevant assessment year, the addition made by the Assessing Officer was deemed unsustainable. The Tribunal dismissed the revenue's appeal. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362819