ITAT Deletes Section 56(2)(x) Addition Due to Prior Property Agreement

Chhaya Divyesh Patel Vs DCIT (ITAT Ahmedabad) The ITAT Ahmedabad allowed the assessee’s appeal and deleted the addition made under Section 56(2)(x)(b)(B) of the Income Tax Act after holding that the Assessing Officer and the Dispute Resolution Panel failed to properly consider the facts and supporting evidence relating to the property transaction. The assessee contended that the purchase consideration had been fixed under an earlier agreement executed in 2009, substantial payments had already been made through banking channels, and the delay in registration until 2019 was due to prolonged li...