Allotment Letter = Agreement-ITAT Grants 56(2)(x) Relief, Limits Addition to 50% Share

Anand Radhesham Vs Assessing Officer (ITAT Mumbai) Allotment Letter = Agreement-ITAT Grants 56(2)(x) Relief, Limits Addition to 50% Share The key issue before the ITAT was whether addition u/s 56(2)(x) (₹1.31 crore) based on stamp duty value at registration date was justified, where the property was booked much earlier. The Tribunal ruled in favour of the assessee with important findings: On applicability of proviso to Section 56(2)(x): The assessee had received an allotment letter dated 08.05.2013 fixing consideration and payment schedule Substantial payments were made through banking chan...