https://www.taxtmi.com/caselaws?id=429991 The ITAT Jaipur allowed the appeal and directed the deletion of the addition under section 56(2)(vii)(b) of the Income Tax Act, 1961. The decision was based on the interpretation that leasehold rights do not fall under the definition of "immovable property" as per the relevant provision, contrasting with the AO's view. The judgment emphasized the importance of legal definitions and the limitation of deeming provisions within the statutory framework. en-us Tue, 18 Oct 2022 00:00:00 +0530 Wed, 09 Nov 2022 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429991 The ITAT Jaipur allowed the appeal and directed the deletion of the addition under section 56(2)(vii)(b) of the Income Tax Act, 1961. The decision was based on the interpretation that leasehold rights do not fall under the definition of "immovable property" as per the relevant provision, contrasting with the AO's view. The judgment emphasized the importance of legal definitions and the limitation of deeming provisions within the statutory framework. Case-Laws Income Tax Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429991