2024 (12) TMI 909

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.... DR ORDER PER SUNIL KUMAR SINGH (J.M): 1. This appeal has been preferred against the impugned order dated 16.11.2023 passed in Appeal no. NFAC/2017-18/10040568 by the Ld. Commissioner of Income-tax(Appeals)/ National Faceless Appeal Centre (NFAC) [hereinafter referred to as the "CIT(A)"] u/s. 250 of the Income-Tax Act, 1961 [hereinafter referred to as "Act"] for the Assessment year [A.Y.]....

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....essing officer, after examining the ledger account of the donor/Shri Milan S Shah found that the said gift of 2,81,250 shares of M/s. Ecobrilliance to assessee were shown to be debited as Rs. 2,73,06,266/-. Learned assessing officer accordingly added the difference of Rs. 5,03,18,734/-, being the difference in the cost of shares received by the assessee under gift and that recorded by the assessee....

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....e difference in the cost of shares donated by the assessee's relative to assessee and that recorded at 'fair market value' by the assessee, be treated as unexplained credit u/s 68 of the Act? 6. Learned representative for the assessee has submitted that the shares gifted by the assessee's relative to the assessee were recorded in donor's A/c showing the cost of acquisition of Rs. 2,73,06,266/-.....

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....t deed is part of the assessee's paper book at page 46 and 47. The assessee has not sold the gifted shares during the year under consideration. According to section 56(2)(X), the gift being from the relative of the assessee is wholly exempt from tax. There cannot be treated any profit or gain on the receipt of such gift from relative. 9. Learned CIT(A), while passing the impugned order, has tak....