The assessee submitted that the assessee along with other joint holders had transferred the land to his daughter-in-law on September 20, 2012, but inadvertently the amount was mentioned at Rs. 51,000 for administrative and stamp duty purposes, however, the land was transferred without any consideration, that to rectify the mistake, new gift deed had been made on February 15, 2016, wherein it had been mentioned that the land was transferred without any consideration, that the gift given was not considered as “transfer” under section 47(iii) of the Act, and was not taxable in the hands of his daughter-in-law in view of the provisions of section 56(2)(vii) of the Act. However, the Assessing Officer did not agree with the submissions of the assessee and added the sum of Rs. 30,53,684 as long-term capital gains in the hands of the assessee invoking the provisions of section 50C of the Act. On appeal, the Commissioner (Appeals) confirmed the additions on the grounds that the sale deed was registered on September 29, 2012 and the assessee filed its return on March 28, 2015, that there was no mention of gift to daughter-in-law in the return of income or the computation of income attached with return, that capital loss had been computed in the return from the sale of plots, that the claim of gift to daughter-in-law was an afterthought and could not be accepted as credible and reliable, that the gift deed was a self-serving document, hence liable to be rejected and the assessee was liable to full application of provisions of section 50C of the Act. On appeal Tribunal affirmed the order of CIT(A). (AY.2013-14)