https://www.taxtmi.com/caselaws?id=463931 ITAT held that the AO's inclusion of the value of a right to obtain a flat free of cost under s.56(2)(v) for AY 2006-07 was beyond jurisdiction. The provision then taxed only "any sum of money" received without consideration; a mere right to obtain property is not a sum of money, and no immovable property was shown as received during the year. The 2009 amendment extending taxability to property received without consideration was prospective and inapplicable, so the assessee's appeal was allowed. en-us Fri, 06 Jan 2017 00:00:00 +0530 Tue, 23 Sep 2025 11:32:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463931 ITAT held that the AO's inclusion of the value of a right to obtain a flat free of cost under s.56(2)(v) for AY 2006-07 was beyond jurisdiction. The provision then taxed only "any sum of money" received without consideration; a mere right to obtain property is not a sum of money, and no immovable property was shown as received during the year. The 2009 amendment extending taxability to property received without consideration was prospective and inapplicable, so the assessee's appeal was allowed. Case-Laws Income Tax Fri, 06 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463931