Addition u/s 56(2)(x) of Income Tax Act in casual manner unsustainable

ACIT Vs Dianco (ITAT Surat) ITAT Surat held that addition under section 56(2)(x) on the Income Tax Act unsustainable as addition made in casual manner without considering payment made on account of various amenities. Facts- The assessee is a firm, engaged in the business of buying and selling real estate properties. The assessee filed its return of income declaring NIL income. The case was selected for scrutiny. During the assessment, AO noted that the assessee has purchased two flats. AO on the basis of area of flats worked out the cost and was of the view that the assessee has made excess pa...