Income Tax Officer vs. Ratna Aggarwal
Case No: ITA No.21/Del/2025
Court: Income Tax Appellate Tribunal
Bench: A Bench, Delhi
Date: 2/4/2026
Parties Involved
appellantIncome Tax Officer
respondentRatna Aggarwal
Facts Summary
The assessee, Ratna Aggarwal, received an immovable property by way of a gift deed amounting to Rs.33,43,440/- from her brother-in-law, Ravi Agarwal. The property was initially declared as income from other sources but later claimed to be received through a family settlement, making it non-taxable. The Assessing Officer (AO) disagreed and made an addition. The case revolves around whether the property received under the family settlement should be considered deemed income under Section 56(2)(vii…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the property received under family settlement is deemed income under Section 56(2)(vii)(b) of the Act.
Precedents Relied Upon
2 precedents cited in this judgement.