No Section 56(2)(x) addition Before Receipt of PAA: ITAT Mumbai

Snchalata Heramb Dhayagude Vs Jurisdictional AO Ward 16(3)(1) (ITAT Mumbai) The appeal arose from the order of the Commissioner of Income Tax (Appeals) for AY 2018-19 sustaining an addition of ₹1,20,40,750 under Section 56(2)(x) of the Income Tax Act, 1961, representing the assessee’s 50% share of the stamp duty value of a Permanent Alternate Accommodation (PAA) allotted under a redevelopment agreement. The assessee, a senior citizen and anesthesiologist, filed her return declaring total income of ₹16,10,510. She and her husband were co-tenants of premises at Savitri Niwas, Dadar, Mumbai...