https://www.taxtmi.com/caselaws?id=121463 Receipt of agricultural land under a registered gift/release deed was not taxable under section 56(2)(v) because the phrase "any sum of money" was confined to money and did not extend to immovable property. The alternative invocation of section 56(1) also failed because gifted agricultural land is not income and cannot be taxed as income from other sources merely because it does not fit another head. The transfer was held genuine: the donor's ownership appeared in balance sheets, the deed was registered, stamp duty was paid, and the requirements of sections 122 and 123 of the Transfer of Property Act, 1882 were satisfied, with no evidence of consideration or sham arrangement. en-us Fri, 24 Apr 2009 00:00:00 +0530 Fri, 03 Nov 2023 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121463 Receipt of agricultural land under a registered gift/release deed was not taxable under section 56(2)(v) because the phrase "any sum of money" was confined to money and did not extend to immovable property. The alternative invocation of section 56(1) also failed because gifted agricultural land is not income and cannot be taxed as income from other sources merely because it does not fit another head. The transfer was held genuine: the donor's ownership appeared in balance sheets, the deed was registered, stamp duty was paid, and the requirements of sections 122 and 123 of the Transfer of Property Act, 1882 were satisfied, with no evidence of consideration or sham arrangement. Case-Laws Income Tax Fri, 24 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121463