https://www.taxtmi.com/caselaws?id=794015 Section 56(2)(x) does not apply merely because an already allotted under-construction flat is later registered to create a mortgage in favour of a lender, unless the transaction amounts to a fresh receipt of immovable property for inadequate consideration. The text notes that the assessee had pre-existing allotment rights, had substantially paid the consideration, and the later registration was said to secure a bank loan rather than transfer any new property interest. However, the record lacked detailed scrutiny of the mortgage papers, allotment letter, payment schedule, and related evidence. The addition based on stamp duty valuation was therefore not finally sustained and the matter was restored for fresh verification and de novo adjudication. en-us Wed, 24 Jun 2026 00:00:00 +0530 Sat, 27 Jun 2026 08:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794015 Section 56(2)(x) does not apply merely because an already allotted under-construction flat is later registered to create a mortgage in favour of a lender, unless the transaction amounts to a fresh receipt of immovable property for inadequate consideration. The text notes that the assessee had pre-existing allotment rights, had substantially paid the consideration, and the later registration was said to secure a bank loan rather than transfer any new property interest. However, the record lacked detailed scrutiny of the mortgage papers, allotment letter, payment schedule, and related evidence. The addition based on stamp duty valuation was therefore not finally sustained and the matter was restored for fresh verification and de novo adjudication. Case-Laws Income Tax Wed, 24 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794015