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Free Flat Receipt Not Taxable in AY 2007-08: Section 56(2)(v) Covered Only Money
Case Law Details
- Case Name
- Sheela Daniel Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Mumbai
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Sheela Daniel Vs ITO (ITAT Mumbai)
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of Sheela Daniel vs. ITO, has ruled that the receipt of a free flat during Assessment Year (AY) 2007-08 is not taxable as income from other sources. The Tribunal held that the relevant section of the Income-tax Act, 1961—specifically Section 56(2)(v), as it stood during that period—was limited in its scope to cover only the receipt of a “sum of money” and did not extend to the receipt of immovable property without consideration.
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