Section 56(2)(v) IT Act: Revenue accepts assessee's explanation of transaction as a loan, no income additions made.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 56(2)(v) - transaction is in the nature of gift or loan - assessee has explained the position about the amount being loan which has not been controverted by the Revenue - No additions.....