Section 56(2)(vii)(a) not applies to Sum received for giving up rights to contest the will

K. V. Sridhar Vs ITO (ITAT Bangalore) Sec.56(2)(vii)(a) of Income tAx  Act  will apply only when any sum of money is received, without consideration, the aggregate value of which exceeds fifty thousand rupees. Admittedly, the assessee received the sum of Rs.1.60 Crores for giving up his rights over some of the items of the suit properties. The fact that all the items of suit properties were bequeathed to the assessee’s mother under the will of K. K. Vijayakumar cannot be the basis to hold that the assessee did not have any rights whatsoever. The assessee had a right to question the validit...