Case Law Details
Ramnarayan Vs Income Tax Officer (ITAT Delhi)
The Income Tax Appellate Tribunal (ITAT) Delhi recently delivered a significant ruling in the case of Ramnarayan vs. Income Tax Officer, addressing the applicability of Section 56(2)(x) of the Income Tax Act. The case revolved around the purchase of agricultural land and whether the deeming provision under Section 56(2)(x) could be invoked. This article provides a detailed analysis of the case, its implications, and the ITAT’s rationale behind the ruling.
Detailed Analysis
Background of the Case
The appellant, Ramnarayan, filed an appeal against the order dated December 22, 2023, by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi. The case pertained to the assessment year 2018-19. Ramnarayan declared a total income of Rs. 2,98,290 in his return filed on August 28, 2018. The case was selected for scrutiny due to an investment in immovable property where the purchase value was significantly lower than the value determined by the stamp authority.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
