Actual receipt required for section 56(2)(x): contingent possession rights cannot trigger taxation of immovable property.

Section 56(2)(x) applies only on actual receipt of immovable property during the relevant previous year, not on a contingent future right to possession. Where a flat remained under construction and possession of the permanent alternate accommodation had not been handed over in the year, the stamp duty value could not be taxed on a notional or anticipatory basis. The deeming provision was therefore inapplicable for that year, and the addition based on it was deleted.

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Issues: Whether section 56(2)(x) of the Income-tax Act, 1961 could be invoked to tax the stamp duty value of the permanent alternate accommodation when possession of the flat had not been handed over during the relevant previous year.

Analysis: Section 56(2)(x) applies only when a person receives immovable property during the relevant previous year without consideration or for inadequate consideration. The agreement showed that surrender of tenancy rights and acquisition of the new flat were linked to being put in possession of the permanent alternate accommodation. Since possession was admittedly not handed over during the year and the building was still under construction, there was no actual receipt of immovable property. The deeming provision could not be applied on a notional or anticipatory basis, and the alternative grounds became academic once the primary issue was decided.

Conclusion: Section 56(2)(x) was not attracted for the year under consideration, and the addition sustained on that basis was deleted in favour of the assessee.

Ratio Decidendi: A deeming provision taxing the receipt of immovable property cannot be invoked unless there is actual receipt during the relevant previous year; a contingent future entitlement to possession does not amount to receipt for the purposes of section 56(2)(x).

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