Section 56(2)(x) Addition Deleted as Demerger Was Tax-Neutral

ACIT Vs Emami Realty Ltd. (ITAT Kolkata) Demerger Fully Tax-Neutral: Section 56(2)(x) Inapplicable, Section 2(19AA) Conditions Satisfied — ITAT Kolkata in Emami Realty Ltd. The Kolkata Bench of the ITAT dismissed the Revenue’s appeal and upheld the CIT(A)’s order deleting a massive addition of ₹374.53 crore made under section 56(2)(x) in the hands of Emami Realty Ltd. for AY 2021-22, arising out of a court-approved scheme of demerger. The Revenue alleged that the demerger of the real-estate undertaking of Oriental Sales Agencies (India) Pvt. Ltd. (OSAIPL) into Emami Realty was not comp...