Reba Roy vs. AO, Ward-2(1), Coochbehar

Parties Involved

Facts Summary

The present appeal was preferred by the assessee, Reba Roy, against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi passed under section 250 of the Income Tax Act, 1961 for the Assessment Year 2020-21. The sole issue involved in this appeal is relating to the validity of addition of Rs. 72,35,643/- made by the Assessing Officer under section 56(2)(x) of the Act on the alleged ground that the assessee had purchased various immovable properties for a value which is less than the stamp duty value. The assessee submitted that the transaction was a gift of immovable property by the mother of the assessee to the assessee vide registered Gift Deed No. I-3940 dated 15.05.2019. Since the transaction was by the Class-I relative of the assessee i.e. mother of the assessee to the assessee, the provisions of Section 56(2)(x) of the Act are not attracted in this case, hence, the impugned addition is not sustainable.…

Legal Issues

• 1. Validity of addition of Rs. 72,35,643/- made by the Assessing Officer under section 56(2)(x) of the Act.

Judgment Outcome

Decided in favour of Assessee.

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