https://www.taxtmi.com/caselaws?id=217140 Section 56(2)(v) applied only to receipt of money without consideration and did not extend to property received in kind. India Millennium Deposit certificates, being transfer-restricted instruments convertible into money, were treated as a gift in kind rather than "any sum of money", so the receipt was not taxable under that provision and the addition was deleted. The later insertion of section 56(2)(vii), which brought gifts in kind within the charging provision, operated prospectively and did not apply to the assessment year in question. en-us Wed, 05 Sep 2012 00:00:00 +0530 Thu, 04 Oct 2012 02:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217140 Section 56(2)(v) applied only to receipt of money without consideration and did not extend to property received in kind. India Millennium Deposit certificates, being transfer-restricted instruments convertible into money, were treated as a gift in kind rather than "any sum of money", so the receipt was not taxable under that provision and the addition was deleted. The later insertion of section 56(2)(vii), which brought gifts in kind within the charging provision, operated prospectively and did not apply to the assessment year in question. Case-Laws Income Tax Wed, 05 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217140