The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that immovable property received without consideration by the assessee, as per family settlement memorandum is taxable under section 56(2)(vii)(b)(i) of the Income Tax Act,1961. Shri Subodh Ratnaparkhi appeared on behalf of the assessee and Shri Sardar Singh Meena appeared on behalf of the…
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