Section 56(2)(vii) doesn’t apply to property received under will/ inheritance

ACIT Vs Anitha Kumaran (ITAT Chennai)

ITAT Chennai held that provisions of section 56(2)(vii) of the Income Tax Act doesn’t apply when the property received under a will or by way of inheritance

Facts-

The assessee purchased land measuring 64,687 sq. ft. along with residential house building thereon having a plinth area of 950 sq. ft. and common passage measuring 2026 sq. ft. and 4748 sq. ft. for a consideration of Rs.

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