Step-Sibling is a ‘Relatives’ Under Section 56(2)(vii) – Tax Exemption available: ITAT The primary issue in this case revolved around whether a step-sibling qualifies as a “relative” under Section 56(2)(vii) of the Income Tax Act, 1961. The Assessing Officer (AO) had reopened the assessment under Section 147/148, alleging that the property gifted to the…
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