Lady with Rs 3.4 lakh annual income gets a Rs 33 lakh property via gift deed; tax dept sends notice; she wins in ITAT Delhi

The Income Tax Appellate Tribunal (ITAT) Delhi ruled that property received through a Hindu family settlement is not a taxable gift. The tribunal found that the transfer, executed as a formality following a family arrangement, did not constitute a taxable 'transfer' under the Income Tax Act, thereby dismissing the tax department's appeal.