Purchase of MHADA Leasehold Tenement Can Attract Section 56(2)(x): ITAT Mumbai

Amit Gajanan Khedekar Vs ITO (ITAT Mumbai) Section 50C Rulings Not Applicable to Section 56(2)(x) in MHADA Property Case; ITAT Sends Property Valuation Issue to DVO While Upholding Taxability Under Section 56(2)(x); ITAT Upholds Section 56(2)(x) on MHADA Leasehold Property Purchase; ITAT Distinguishes Section 50C Judgments While Confirming Addition Under Section 56(2)(x). In a case before the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), the assessee challenged the addition made under Section 56(2)(x) of the Income Tax Act in relation to the purchase of a room/tenement situated in ...