https://www.taxtmi.com/caselaws?id=371756 The Tribunal allowed the appeal of the assessee, setting aside the order of the Principal Commissioner of Income Tax (Pr. CIT). It held that Section 56(2)(vii)(c) did not apply to the transaction as it involved close relatives, and the revision under Section 263 based on an audit objection was not justified. The entire addition of Rs. 4,74,57,000 was deleted, resulting in a favorable outcome for the assessee. The Tribunal did not address the remaining grounds following this decision. en-us Fri, 07 Dec 2018 00:00:00 +0530 Mon, 10 Dec 2018 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371756 The Tribunal allowed the appeal of the assessee, setting aside the order of the Principal Commissioner of Income Tax (Pr. CIT). It held that Section 56(2)(vii)(c) did not apply to the transaction as it involved close relatives, and the revision under Section 263 based on an audit objection was not justified. The entire addition of Rs. 4,74,57,000 was deleted, resulting in a favorable outcome for the assessee. The Tribunal did not address the remaining grounds following this decision. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371756