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ITAT Kolkata Deletes Section 56(2)(x) Addition for Govt. Property Purchase
Case Law Details
- Case Name
- Kanha Villa LLP Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Kolkata
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Kanha Villa LLP Vs ITO (ITAT Kolkata)
Whether addition under Section 56(2)(x) for alleged understatement of consideration is justified where property is purchased from a State Government entity?
The Assessee LLP engaged in renting and real estate purchased commercial property at Synthesis Business Park from West Bengal Housing Infrastructure Development Corporation Ltd. (WBHIDCO) a State Government entity by paying Rs. 4,76,50,200 whereas the market value of the property was determined at Rs. 11,36,27,400 and the AO treated difference Rs. 6,59,77,200 as deemed income u/s 56(2...
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