https://www.taxtmi.com/caselaws?id=761435 ITAT Mumbai ruled that Section 56(2)(x) provisions do not apply to transfer of tenancy rights, following precedent from Section 50C cases. The assessee transferred tenancy rights to builder and received new flat plus purchased additional area for Rs. 20 lakhs. Court held tenancy right transfer falls outside Section 56(2)(x) scope as it applies only to immovable property. For additional area purchase, difference between stamp duty value and consideration paid was 7.14%, which falls within 10% tolerance limit applicable from Section 50C insertion date. Revenue's appeal dismissed as no addition required under Section 56(2)(x). en-us Wed, 28 Aug 2024 00:00:00 +0530 Sat, 09 Nov 2024 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761435 ITAT Mumbai ruled that Section 56(2)(x) provisions do not apply to transfer of tenancy rights, following precedent from Section 50C cases. The assessee transferred tenancy rights to builder and received new flat plus purchased additional area for Rs. 20 lakhs. Court held tenancy right transfer falls outside Section 56(2)(x) scope as it applies only to immovable property. For additional area purchase, difference between stamp duty value and consideration paid was 7.14%, which falls within 10% tolerance limit applicable from Section 50C insertion date. Revenue's appeal dismissed as no addition required under Section 56(2)(x). Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761435