Got 2 flats worth Rs 1.38cr for tenancy rights; taxman sent notice, what ITAT said
Direct Source Verification:
This story is aggregated from The Times of India (timesofindia.indiatimes.com). Full reporting rights and copyright belong to the primary publisher.
He was a tenant in Mumbai in a housing society that was slated to undergo redevelopment. He received two flats in the redeveloped building in return for surrendering his tenancy rights. The tribunal ruled that a tax demand under Section 56(2)(x) could not be imposed on the indivi...
He was a tenant in Mumbai in a housing society that was slated to undergo redevelopment. He received two flats in the redeveloped building in return for surrendering his tenancy rights. The tribunal ruled that a tax demand under Section 56(2)(x) could not be imposed on the individual merely because he received two flats in exchange for giving up his tenancy rights in the redevelopment project.
Original Source
https://timesofindia.indiatimes.com/business/india-business/he-surrendered-tenancy-rights-for-redevelopment-and-got-2-flats-worth-rs-1-38-crore-taxman-added-it-as-income-why-itat-mumbai-gave-him-relief/articleshow/134428280.cms
