https://www.taxtmi.com/caselaws?id=411222 The ITAT allowed the appeal, overturning the CIT(A)'s decision to confirm the addition under section 56(2)(vii)(b) of the Income Tax Act. The ITAT found that no deemed gift was assessable as the land transaction did not materialize due to errors in recording ownership, supported by evidence from the High Court and revenue authorities. The thorough analysis led to the deletion of the addition, emphasizing the significance of detailed scrutiny and legal interpretation in tax cases. en-us Wed, 11 Aug 2021 00:00:00 +0530 Fri, 20 Aug 2021 08:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411222 The ITAT allowed the appeal, overturning the CIT(A)'s decision to confirm the addition under section 56(2)(vii)(b) of the Income Tax Act. The ITAT found that no deemed gift was assessable as the land transaction did not materialize due to errors in recording ownership, supported by evidence from the High Court and revenue authorities. The thorough analysis led to the deletion of the addition, emphasizing the significance of detailed scrutiny and legal interpretation in tax cases. Case-Laws Income Tax Wed, 11 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411222