Flat Registration for Mortgage Alone Does Not Trigger Section 56(2)(x): Mumbai ITAT

Akshay Manoj Pagdhare Vs ITO (ITAT Mumbai) Mumbai ITAT: Registration of Flat Solely for Mortgage Loan Does Not Automatically Attract Section 56(2)(x) The Mumbai ITAT held that registration of an already allotted under-construction flat solely to create a mortgage in favour of a bank does not, by itself, amount to a fresh receipt of immovable property so as to attract section 56(2)(x). In the present case, the assessee had obtained an allotment letter in October 2016, paid the entire purchase consideration between 2016 and 2017, and acquired valuable rights in the flat at that stage. The agreem...