https://www.taxtmi.com/caselaws?id=779717 ITAT held that the addition under s.56(2)(vii)(b) was not sustainable. The property was acquired by the partnership using firm funds and reflected as a firm asset, so it could not be treated as a gift to the partner; at best it was a loan. Subsequent rectification in firm accounts and the firm's composition of relatives supported that the transaction fell outside s.56(2)(vii)(b). The appellate decision upholding the assessee was affirmed. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 11 Oct 2025 09:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779717 ITAT held that the addition under s.56(2)(vii)(b) was not sustainable. The property was acquired by the partnership using firm funds and reflected as a firm asset, so it could not be treated as a gift to the partner; at best it was a loan. Subsequent rectification in firm accounts and the firm's composition of relatives supported that the transaction fell outside s.56(2)(vii)(b). The appellate decision upholding the assessee was affirmed. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779717