https://www.taxtmi.com/caselaws?id=756117 Section 56(2)(x) of the Income-tax Act does not apply where the transaction is an acquisition of development rights in immovable property rather than a purchase of the property itself. The arrangement here was treated as a licence to develop and receive a share of constructed area, and it did not confer possession amounting to part performance under section 53A of the Transfer of Property Act. On that basis, the difference between stamp duty value and stated consideration could not be brought to tax as an addition under section 56(2)(x). en-us Thu, 25 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756117 Section 56(2)(x) of the Income-tax Act does not apply where the transaction is an acquisition of development rights in immovable property rather than a purchase of the property itself. The arrangement here was treated as a licence to develop and receive a share of constructed area, and it did not confer possession amounting to part performance under section 53A of the Transfer of Property Act. On that basis, the difference between stamp duty value and stated consideration could not be brought to tax as an addition under section 56(2)(x). Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756117