https://www.taxtmi.com/caselaws?id=751404 ITAT Indore held that a gift deed executed pursuant to family settlement arrangement does not attract Section 56(2)(vii)(b) provisions. The tribunal determined that substance over form principle applies when interpreting documents. The land transfer through gift deed was part of asset distribution under family settlement, not a gratuitous transfer. Since the transaction involved exchange of assets between parties under settlement arrangement rather than transfer without consideration, it fell outside Section 56(2)(vii)(b) ambit. Assessee's appeal was allowed. en-us Mon, 18 Mar 2024 00:00:00 +0530 Tue, 16 Apr 2024 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751404 ITAT Indore held that a gift deed executed pursuant to family settlement arrangement does not attract Section 56(2)(vii)(b) provisions. The tribunal determined that substance over form principle applies when interpreting documents. The land transfer through gift deed was part of asset distribution under family settlement, not a gratuitous transfer. Since the transaction involved exchange of assets between parties under settlement arrangement rather than transfer without consideration, it fell outside Section 56(2)(vii)(b) ambit. Assessee's appeal was allowed. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751404