ITAT Deletes Section 56(2)(x) Addition as Property Agreement Predated Provision

Rinki Singh Vs ITO (ITAT Ranchi) The appeal was filed by the assessee against the order dated 28.12.2024 passed by the National Faceless Appeal Centre (NFAC)/Commissioner of Income Tax (Appeals) for the Assessment Year 2018–19. The assessee sought relief against the reassessment order passed under Section 147 read with Section 144B of the Income Tax Act, 1961, and requested that the addition made by the Assessing Officer and the related penalty proceedings be set aside. In the reassessment order dated 30.03.2023, the Assessing Officer determined the total income of the assessee at Rs. 23,56,...