https://www.taxtmi.com/caselaws?id=438461 The Tribunal ruled in favor of the assessee, holding that Section 56(2)(x) of the Income Tax Act, inserted in 2017, should not be applied retrospectively to a property agreement from 2009. The Tribunal found the assessee was a 50% owner and directed the deletion of the entire addition. Citing judicial precedents, the Tribunal emphasized that tax provisions should not be applied retrospectively unless specified by the legislature. Consequently, the Tribunal allowed the appeal, overturning the CIT(A)'s decision and directing the Assessing Officer to delete the addition. en-us Mon, 29 May 2023 00:00:00 +0530 Thu, 01 Jun 2023 08:07:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438461 The Tribunal ruled in favor of the assessee, holding that Section 56(2)(x) of the Income Tax Act, inserted in 2017, should not be applied retrospectively to a property agreement from 2009. The Tribunal found the assessee was a 50% owner and directed the deletion of the entire addition. Citing judicial precedents, the Tribunal emphasized that tax provisions should not be applied retrospectively unless specified by the legislature. Consequently, the Tribunal allowed the appeal, overturning the CIT(A)'s decision and directing the Assessing Officer to delete the addition. Case-Laws Income Tax Mon, 29 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438461