https://www.taxtmi.com/caselaws?id=462813 The ITAT Kolkata ruled in favor of the assessee regarding an addition under Section 56(2)(vii) for deemed gift. The assessee had entered into a property purchase agreement with a developer in 2010, completed all payments by October 2012, and obtained possession on January 9, 2013, including installing electricity connection in her name. Although the conveyance deed was registered during AY 2015-16, the tribunal held that transfer within the meaning of Section 2(47) had already been completed in 2013 when possession was taken. Since the transfer was complete in 2013, no deemed gift under Section 56(2)(vii)(b) could be determined in the assessee's hands for AY 2015-16. The tribunal allowed the appeal and deleted the addition made by lower authorities. en-us Fri, 09 Jun 2023 00:00:00 +0530 Thu, 17 Jul 2025 18:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462813 The ITAT Kolkata ruled in favor of the assessee regarding an addition under Section 56(2)(vii) for deemed gift. The assessee had entered into a property purchase agreement with a developer in 2010, completed all payments by October 2012, and obtained possession on January 9, 2013, including installing electricity connection in her name. Although the conveyance deed was registered during AY 2015-16, the tribunal held that transfer within the meaning of Section 2(47) had already been completed in 2013 when possession was taken. Since the transfer was complete in 2013, no deemed gift under Section 56(2)(vii)(b) could be determined in the assessee's hands for AY 2015-16. The tribunal allowed the appeal and deleted the addition made by lower authorities. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462813