https://www.taxtmi.com/caselaws?id=779972 ITAT RAJKOT - AT held that additions under sections 56(2)(x) and 50C must be deleted and the appeal allowed. The transaction concerned sale of property to the assessee's sister-in-law (a relative) for consideration lower than stamp duty value; documentary evidence (ration cards, family chart) and notarized affidavits showed the excess over sale consideration was intended as gift. As transfers to relatives for inadequate consideration are not taxable under s.56(2)(x) and s.50C was not applicable, the additions were disallowed. en-us Tue, 14 Oct 2025 00:00:00 +0530 Thu, 16 Oct 2025 08:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779972 ITAT RAJKOT - AT held that additions under sections 56(2)(x) and 50C must be deleted and the appeal allowed. The transaction concerned sale of property to the assessee's sister-in-law (a relative) for consideration lower than stamp duty value; documentary evidence (ration cards, family chart) and notarized affidavits showed the excess over sale consideration was intended as gift. As transfers to relatives for inadequate consideration are not taxable under s.56(2)(x) and s.50C was not applicable, the additions were disallowed. Case-Laws Income Tax Tue, 14 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779972