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TMI Blog2020 (2) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... . R. Anita, JCIT ORDER PER GEORGE MATHAN, JUDICIAL MEMBER: This is an appeal filed by the Assessee against the order of the learned Commissioner of Income Tax (Appeals)-15, Chennai in ITA No.384/2016-17/CIT(A)-15 dated 30.05.2019 for the Assessment Year 2014-15. 2. Shri T. Banusekar, Chartered Accountant represented on behalf of the Assessee and Ms. R. Anita, JCIT represented on behalf of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Decree by Cantonal Tax Office Zurich in respect of the inheritance tax paid by the assessee Ms. Cynthia Chellappa in respect of the legacy received of 50,000 Swiss Francs. The inheritance tax u/s.23f under the Inheritance Tax is at 7,200 Swiss Francs. It was a submission that the assessee had received the amount by way of Will and the Assessing Officer in the course of the assessment held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ported the order of the learned Assessing Officer and the learned CIT(A). 5. We have considered the rival submission and perused the materials available on record. 6. A perusal of the provisions of Section 56(2)(vii) shows that any amount received by an individual without consideration and the aggregate value exceeds 50,000, the whole of the aggregate value is liable to be treated as income unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee as a legacy through the Will of Mrs. Eva Maria Schnelder-Boog of an amount of 50,000 Swiss Francs, under no circumstances, can be brought to tax under the head "income from other sources" as the same is exempted by Clause (c) of the Fourth Proviso to Section 56(2)(vii) of the Income Tax Act, 1961. 7. In the result, the appeal of the assessee is allowed. Order pronounced in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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