Allotment Letter Not Agreement for Sale Under Section 56(2)(x): ITAT Mumbai

Vinit Ramnath Parkar Vs ITO (ITAT Mumbai) Section 56(2)(x) Addition Partly Sustained as Allotment Letter Held Not Agreement for Sale: ITAT Mumbai The assessee appealed against the order dated 29.10.2025 for AY 2020-21 challenging an addition of ₹45,51,307 under Section 56(2)(x)(b)(B) of the Income-tax Act. The assessee, a non-resident, was subjected to reassessment proceedings under Sections 148A and 148 based on information received from the Insight Portal. During the assessment, the Assessing Officer noted that the assessee had registered an agreement for purchase of an immovable property....