https://www.taxtmi.com/caselaws?id=761085 Section 56(2)(x)(b)(B) applies only where a person receives immovable property for consideration, and not where an existing protected tenant merely converts tenancy rights into ownership rights in the same premises. The transaction was treated as an enhancement of an existing interest rather than a fresh acquisition of land or building, so the deemed income provision did not apply. Authorities on tenant purchases of property were distinguished because they involved acquisition of the property itself. The addition made on this basis was therefore unsustainable and was deleted. en-us Tue, 22 Oct 2024 00:00:00 +0530 Mon, 04 Nov 2024 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761085 Section 56(2)(x)(b)(B) applies only where a person receives immovable property for consideration, and not where an existing protected tenant merely converts tenancy rights into ownership rights in the same premises. The transaction was treated as an enhancement of an existing interest rather than a fresh acquisition of land or building, so the deemed income provision did not apply. Authorities on tenant purchases of property were distinguished because they involved acquisition of the property itself. The addition made on this basis was therefore unsustainable and was deleted. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761085