Provisions of section 56(2)(x) of Income Tax Act doesn’t apply to developer: ITAT Mumbai

ACIT Vs Chandiwala Enterprises Private Limited (ITAT Mumbai) ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act doesn’t apply to developer who has taken over the possession of lawn or building or both for the purpose of the development. Facts- The assessee is engaged in construction work. Return of income was filed on 14/12/2020, declaring Nil income showing current year loss of Rs.6,37,018/-. The return was selected for CASS and accordingly statutory notices were issued and served upon the assessee. The AO was in possession of the information that the assessee has pu...