Section 56(2)(x) inapplicable to flat brought prior to 01.04.2017: ITAT Kolkata

Smt. Kajari Banerjee Vs ITO (ITAT Kolkata) ITAT Kolkata held that provisions of section 56(2)(x) of the Income Tax Act were inserted by Finance Act, 2017 and effective only from 01.04.2017. Thus, provisions of section 56(2)(x) is not applicable when flat is brought prior to 01.04.2017. Facts- The case of the assessee was selected for complete scrutiny and statutory notices were duly issued and served upon the assessee. AO during the course of assessment proceedings observed that assessee has purchased property at Purba Jadabpur, Corporation Kolkata, in respect of which the verification unit re...