https://www.taxtmi.com/caselaws?id=791637 Delay in filing the first appellate appeal was condoned because it was neither intentional nor deliberate and sufficient cause was shown, with the assessee intending to pursue the matter on merits. In a redevelopment arrangement, receipt of a new residential flat in exchange for surrender of an old flat was held not to be receipt of immovable property for inadequate consideration. On that reasoning, the deeming fiction in section 56(2)(x) did not apply, and the addition was deleted. The appeal was allowed and the assessment addition was set aside. en-us Thu, 23 Apr 2026 00:00:00 +0530 Tue, 21 Jul 2026 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791637 Delay in filing the first appellate appeal was condoned because it was neither intentional nor deliberate and sufficient cause was shown, with the assessee intending to pursue the matter on merits. In a redevelopment arrangement, receipt of a new residential flat in exchange for surrender of an old flat was held not to be receipt of immovable property for inadequate consideration. On that reasoning, the deeming fiction in section 56(2)(x) did not apply, and the addition was deleted. The appeal was allowed and the assessment addition was set aside. Case-Laws Income Tax Thu, 23 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791637