This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 56(2)(x) Cannot Tax Redevelopment Flat Before Possession: ITAT Mumbai
Case Law Details
- Case Name
- Manoj Devshichhadva Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Manoj Devshichhadva Vs ITO (ITAT Mumbai)
Section 56(2)(x) Cannot Tax Redevelopment Flat Before Possession: Alternate Accommodation Is Not Received Without Consideration
The Mumbai ITAT held that section 56(2)(x) cannot be invoked merely because a redevelopment agreement has been executed and registered, where the redevelopment project is incomplete and the assessee has not received possession of the permanent alternate accommodation. The Tribunal observed that the charging provision under section 56(2)(x) is attracted only when an assessee actually “receives” an immovable property ...
Author Info
