https://www.taxtmi.com/caselaws?id=459945 The ITAT Mumbai held that for additions under section 56(2)(x), the date of agreement should be considered as the date of acquisition of immovable property, not the date of allotment letter. The tribunal determined that the allotment letter constitutes an agreement to sell, making the first proviso exception applicable. Since advance payment was made through account payee check and allotment letter contained terms for balance payment and delivery conditions, the addition made by the Assessing Officer was unsustainable and deleted. The assessee's appeal was allowed. en-us Tue, 27 Feb 2024 00:00:00 +0530 Sat, 04 Jan 2025 14:47:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459945 The ITAT Mumbai held that for additions under section 56(2)(x), the date of agreement should be considered as the date of acquisition of immovable property, not the date of allotment letter. The tribunal determined that the allotment letter constitutes an agreement to sell, making the first proviso exception applicable. Since advance payment was made through account payee check and allotment letter contained terms for balance payment and delivery conditions, the addition made by the Assessing Officer was unsustainable and deleted. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459945