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2011 (3) TMI 474 - AT - Income TaxAmount received in excess of Rs. 25000 / Rs. 50000 - Deemed gift u/s 56(2)(v) - Income from other sources - sum received by the assessee was in consideration of the assessee withdrawing the caveat - Held that: - the sum in question was received by the assessee in consideration of giving up his rights to contest the will of late Mrs. Mani Cawasa Bamji. As rightly contended on behalf of the assessee the consideration referred to in the provisions of section 56(2)(v) of the Act have to be understood as per the definition of consideration as given in the Indian Contract Act, 1872 in section 2(d). - receipts by the assessee cannot be treated as income under section 56(2)(v) of the Act. - The additions made by the AO are directed to be deleted.
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