No Section 56(2)(x) Addition for Agreement Value Reduction Due to GST Rate Hike: ITAT Mumbai

Jayantilal Umashankar Chavji Vs National E Assessment Centre (ITAT Mumbai) No Section 56(2)(x) addition for reduction in agreement value due to increase in Goods and Services Tax (GST) rates effective from July 1, 2017: ITAT Mumbai The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has allowed an appeal filed by Jayantilal Umashankar Chavji against an order passed by the National Faceless Assessment Centre (NFAC) for the assessment year 2018-19. The appeal challenged the addition of ₹3,89,843 under Section 56(2)(x) of the Income Tax Act, 1961, which pertains to the difference betwe...