Redevelopment Flat Not Taxable U/s 56(2)(x); ITAT Grants Relief on Additional Area Purchase

Bharat KishinSamtani Vs ITO (ITAT Mumbai) Redevelopment Flat Not Taxable U/s 56(2)(x); ITAT Grants Relief on Additional Area Purchase Redevelopment Flat Not a ‘Gift’: ITAT Says Section 56(2)(x) Cannot Tax Replacement Home The Mumbai ITAT held that a flat received by a member in a society redevelopment project in exchange for the original flat surrendered cannot be treated as receipt of immovable property for inadequate consideration under Section 56(2)(x). The Tribunal accordingly granted relief to the assessee and remanded the issue relating to the purchase of additional area for fresh ve...