Amount received by beneficiaries of trust on dissolution cannot be termed as without consideration

IN THE ITAT MUMBAI BENCH ‘A’ Ashok C. Pratap V/s. Additional Commissioner of Income-tax IT Appeal NO. 4615 (MUM.) OF 2011 [ASSESSMENT YEAR 2007-08] Date of Pronouncement – 18.07.2012 ORDER I.P. Bansal, Judicial Member The present appeal preferred by the assessee, is directed against the impugned order dated 15th March 2011, passed by the learned Commissioner (Appeals)-III, Mumbai, for assessment year 2007-08, on the following grounds:- “Addition u/s 56[1] and 56[2][vi] on account of receipts from dissolution of Sant Trust: 1.1  The Learned Commissioner...