Section 56(2)(x) not apply to conveyance deed executed on 31.03.2017: ITAT Mumbai

DCIT Vs Romell Housing LLP (ITAT Mumbai) ITAT Mumbai held that since deed of conveyance executed on 31.03.2017, the provisions of section 56(2)(x) of the Income Tax Act are not applicable. Section 56(2)(x) is inserted by Finance Act, 2017 and effective only from 01.04.2017. Facts- The assessee is a limited liability partnership firm and is engaged in the development and construction of real. The return filed by the assessee was selected for complete scrutiny and statutory notices u/s. 143(2) and section 142(1) of the Act were issued and served on the assessee. During the assessment proceeding...