https://www.taxtmi.com/caselaws?id=751558 ITAT Mumbai allowed the assessee's appeal against CIT(A)'s enhancement under section 251(2) adding Rs. 25 lakh under section 56(2)(vii)(a). The tribunal held that CIT(A) failed to provide reasonable opportunity of showing cause before enhancement, violating section 251(2) procedure. More importantly, the amount received as security deposit under development agreement was not "without consideration" as required under section 56(2)(vii)(a), making the provision inapplicable. The addition was deleted on merits. en-us Thu, 21 Mar 2024 00:00:00 +0530 Thu, 18 Apr 2024 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751558 ITAT Mumbai allowed the assessee's appeal against CIT(A)'s enhancement under section 251(2) adding Rs. 25 lakh under section 56(2)(vii)(a). The tribunal held that CIT(A) failed to provide reasonable opportunity of showing cause before enhancement, violating section 251(2) procedure. More importantly, the amount received as security deposit under development agreement was not "without consideration" as required under section 56(2)(vii)(a), making the provision inapplicable. The addition was deleted on merits. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751558