https://www.taxtmi.com/caselaws?id=753382 The ITAT Ahmedabad held that property received through a family arrangement does not attract addition under section 56(2)(x) of the Income Tax Act. The AO had added the stamp duty value of gifted property to the assessee's income, arguing it was not received from a relative as defined. However, the tribunal found that the gift was part of a bona fide family settlement to determine individual shares in jointly owned property, not a third-party transfer. Citing SC precedent in Kale case, the tribunal recognized that family arrangements can be oral and aim to prevent family litigation. The addition made by AO and confirmed by CIT(A) was held unsustainable. The assessee's appeal was partly allowed. en-us Wed, 29 May 2024 00:00:00 +0530 Fri, 31 May 2024 08:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753382 The ITAT Ahmedabad held that property received through a family arrangement does not attract addition under section 56(2)(x) of the Income Tax Act. The AO had added the stamp duty value of gifted property to the assessee's income, arguing it was not received from a relative as defined. However, the tribunal found that the gift was part of a bona fide family settlement to determine individual shares in jointly owned property, not a third-party transfer. Citing SC precedent in Kale case, the tribunal recognized that family arrangements can be oral and aim to prevent family litigation. The addition made by AO and confirmed by CIT(A) was held unsustainable. The assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753382