https://www.taxtmi.com/caselaws?id=403826 The Tribunal held that the addition of income under Section 56(2)(vii)(b) was unjustified as the transaction was between relatives, exempting it from tax. Additionally, Section 50C was deemed inapplicable to the purchaser. Consequently, the Tribunal ruled in favor of the assessee, deleting the income addition and allowing the appeal. en-us Tue, 19 Jan 2021 00:00:00 +0530 Tue, 09 Feb 2021 10:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403826 The Tribunal held that the addition of income under Section 56(2)(vii)(b) was unjustified as the transaction was between relatives, exempting it from tax. Additionally, Section 50C was deemed inapplicable to the purchaser. Consequently, the Tribunal ruled in favor of the assessee, deleting the income addition and allowing the appeal. Case-Laws Income Tax Tue, 19 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403826