2014 (6) TMI 946 - HC - Income Tax

Appeal ADMITTED on the following substantial questions of law - A) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in deleting the addition of ₹ 3,73,95,334/made by the Assessing Officer and confirmed by the learned Commissioner of Income Tax (Appeals) which was a receipt without consideration and taxable under Section 56(2)(v) of the Income Tax Act, 1961? (B) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that the act of the Assessee in abstaining from contesting the Will of Mrs.Bamji would constitute the consideration for which payment had been received by the Assessee from Mr.Bhavsar and thereby the provisions of Section 56(2)(v) of the Income Tax Act, 1961 were not applicable?

Summary

The High Court Bombay High Court judgment in 2014 (6) TMI 946 involved Mr. A.R. Malhotra representing the Appellant and Mr. S.E. Dastur representing the Respondent. The Appeal raised substantial questions of law regarding the deletion of an addition made by the Assessing Officer under Section 56(2)(v) of the Income Tax Act, 1961. The Tribunal's decision on the matter was questioned.