AO held that the assessee had received a property worth Rs. 48.57 lakhs without any consideration .Accordingly he added said amount to assessee’s income under section 56(2)(vii)(b) of the Act. Tribunal held that , since the impugned transaction was entered into on 6-6-2009, as per registered sale deed, same would not be hit by provisions of section 56(2)(vii)(b).Accordingly the addition was deleted .( AY.2010-11)
Shailendra Kamalkishore Jaiswal. v. ACIT (2018) 171 ITD 6 (Nag.) (Trib.)
S.56: Income from other sources -Gift- Provisions of section 56(2)(vii)(b) are applicable to only those transactions which are entered into after 1-10-2009 [ S.56(2)(vii)(b) ]