https://www.taxtmi.com/caselaws?id=391043 The High Court upheld the decision of the Appellate Tribunal and CIT (Appeals) regarding the tax exemption on a gift received by the assessee from a brother-in-law, amounting to Rs. 16,00,00,000. The court affirmed that the brother-in-law qualified as a "relative" under Section 56(2)(vi) of the Income Tax Act, making the gift exempt from taxation. The High Court dismissed the revenue's appeal, agreeing with the tribunal's findings on the genuineness of the transaction and upholding the tax exemption for the assessee. en-us Mon, 13 Jan 2020 00:00:00 +0530 Fri, 17 Jan 2020 20:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391043 The High Court upheld the decision of the Appellate Tribunal and CIT (Appeals) regarding the tax exemption on a gift received by the assessee from a brother-in-law, amounting to Rs. 16,00,00,000. The court affirmed that the brother-in-law qualified as a "relative" under Section 56(2)(vi) of the Income Tax Act, making the gift exempt from taxation. The High Court dismissed the revenue's appeal, agreeing with the tribunal's findings on the genuineness of the transaction and upholding the tax exemption for the assessee. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391043