Consideration for giving up rights to contest the will cannot be treated as other income

Purvez A. Poonawalla Vs ITO (ITAT Mumbai) Explore the legal battle: Purvez A. Poonawalla’s settlement with R.K.Bavasa, challenging the will of late Mrs. Mani Cawasa Bamji. Tax implications discussed. Admittedly the assessee was the legal heir of the deceased late Mrs. Mani Cawasa Bamji being the son of a pre-deceased sister of the deceased. He together with Mr. Dinshaw Jamshedji Mistry , brother of the deceased were alone entitled to the estate of late Mrs. Mani Cawasa Bamji in the event of intestacy of late Mrs. Mani Cawasa Bamji. It was because of the fact that the assessee was entitle...