No addition can be made on Immovable Property purchased out of Gifts received from Relatives: ITAT directs Re-adjudication [Read Order]

No addition can be made on Immovable Property - addition - Immovable Property - Immovable Property purchased out of Gifts received from Relatives - Gifts received from Relatives - ITAT directs Re-adjudication - ITAT - Taxscan

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that no addition could be made on immovable property purchased out of gifts received from relatives. Therefore, the bench directs re-adjudication. The assessee, Karamveer Singh’s case was reopened on the information AIR regarding the purchase of an immovable property amounting to Rs.38,65,000/- by the…

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