Allotment letter given by developer construed as agreement of purchase: ITAT Kolkata

Tamojit Das Vs ITO (ITAT Kolkata)

ITAT Kolkata held that allotment letter given by the developer to the assessee way back in 2010 would be construed as an agreement of purchase between the developer and the assessee. Thus, addition u/s. 56(2)(vii)(b) of the Income Tax Act not survived.

Facts- The case of the assessee was selected for scrutiny assessment by issuance of a notice u/s. 143(2) dated 05.08.2016. On scrutiny of the accounts, it revealed to AO that the assessee has purchased a residential flat jointly with his wife Smt. Gargi Das through Deed of Con

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