Section 56(2)(x) not Apply to Redevelopment Flats as Transaction Is Exchange of Existing Rights

Amar Narendra Joshi Vs ITO (ITAT Mumbai) The ITAT Mumbai considered an appeal filed by the assessee against the order of the CIT(A)/NFAC for Assessment Year 2018-19. The CIT(A) had dismissed the appeal as unadmitted due to delay in filing. The assessee contended that the assessment under Sections 144, 147, and 144B was completed ex parte during the Covid-19 pandemic without proper service of notices, while the assessee was also dislocated due to redevelopment of his building. The assessment resulted in addition of Rs.41,38,500 under Section 56(2)(x) on account of difference between the stamp d...