TaxTMI 
TaxTMI 
2022 (5) TMI 723
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.... Rs.1,60,00,000/- as income chargeable to tax under the head "Income from Other Sources". The CIT(A) upheld the order of the AO by relying on the provisions of section 56(2)(vii)(a) of the Income Tax Act, 1961 (hereinafter called 'the Act') which reads as follows: "56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "Income from other sources", if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E. (2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other source....
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....lore- 560 002; (ii) One shop in Lucky Paradise bearing No.40/5, 22nd Cross, III Block, Jayanagar, Bangalore-560 011; (iii) One building constructed on site Nos. 854 & 855, 17 th Main, 14th Cross, Banashankari II Stage, Bangalore- 560 070. 5. By his last will and testament dated 14.4.1999, K. K. Vijayakumar bequeathed all the aforesaid properties to his wife Mrs. K. V. Shashirekha absolutely. According to the assessee, the bequest as above was only for the family convenience and also, she happened to be the eldest member of the family. 6. After the demise of K.K.Vijayakumar, the assessee filed a suit for partition and separate possession of his share of the properties belonging to K.K.Vijayakumar in O.S.No.3478/2011 on the file of the ....
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....shi Rekha under the will and belonged to her absolutely. The Assessee had no rights whatsoever over the property and therefore the sum of Rs.1.60 crores received by the assessee from his mother Smt. K.V.Shashi Rekha was in the nature of income chargeable to tax in the hands of the assessee. The CIT(A) held that the said receipt fell within the category of income specified in Sec.56(2)(vii)(a) of the Act. 9. None appeared for the assessee. We have heard the submission of the learned DR who relied on the order of the AO. We have already extracted the provisions of Sec.56(2)(vii)(a) of the Act. Those provisions will apply only when any sum of money is received, without consideration, the aggregate value of which exceeds fifty thousand rupee....
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....o a joint development agreement of property in question. In terms of said agreement, the developer directly paid amount of Rs. 87.50 lakh each to daughters of 'B' including assessee therein. The daughters of 'B' thereupon executed a release deed of disputed property in favour of their brothers. For the relevant year, the assessee filed her return wherein amount of Rs. 87.50 lakhs was not offered to tax under the head 'capital gain'. The assessee took a stand that the sum in question was a receipt consequent to a family arrangement and therefore, there was no transfer of any capital asset so as to attract provisions of section 45. The Tribunal dealt with the aforesaid issue and came to the conclusion that sum received....