Court Quashes Revision Order on Land Transfer from Wife to Husband; Nature of Transaction Disputed as Sale or Gift.

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....Revision u/s 263 - Transfer of land by wife to her husband - Nature of transaction - Sale or Gift - It is the case of the assessee that sale deed is nothing but gift deed intended to transfer the land as vouched by lack of consideration and in view of the intented circumstances. This fact was brought on record by way of oral evidence as well as circumstantial evidence. - AO also invoked Section 64 for clubbing of income and simultaneously exonerated the assessee from the liability of LTCG on notional consideration - Revision order quashed - AT....