https://www.taxtmi.com/caselaws?id=768170 Receipt of a redeveloped flat in exchange for a surrendered old flat under a redevelopment agreement is not treated as receipt of immovable property for inadequate consideration under section 56(2)(x). The transaction is characterised as extinguishment of the old rights and substitution of rights in the new flat, so the deeming provision does not apply. The addition under section 56(2)(x) was deleted. The matter may instead fall for consideration under the capital gains regime, where relief under section 54 may be relevant. en-us Mon, 17 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 14:49:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768170 Receipt of a redeveloped flat in exchange for a surrendered old flat under a redevelopment agreement is not treated as receipt of immovable property for inadequate consideration under section 56(2)(x). The transaction is characterised as extinguishment of the old rights and substitution of rights in the new flat, so the deeming provision does not apply. The addition under section 56(2)(x) was deleted. The matter may instead fall for consideration under the capital gains regime, where relief under section 54 may be relevant. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768170