https://www.taxtmi.com/caselaws?id=796946 Delayed registration of an immovable-property agreement does not by itself constitute a fresh receipt of property under Section 56(2)(x)(b) where consideration was paid, possession delivered, and substantive ownership rights exercised under an earlier agreement. Registration that merely formalises an already concluded transaction creates no new taxable receipt; prior acceptance of rental income from the property is inconsistent with treating registration as the first receipt. Consequently, the addition was deleted. Penalty for under-reporting under Section 270A cannot survive where it rests exclusively on that deleted addition, because no under-reported or misreported income remains. en-us Fri, 17 Jul 2026 00:00:00 +0530 Thu, 13 Aug 2026 08:30:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796946 Delayed registration of an immovable-property agreement does not by itself constitute a fresh receipt of property under Section 56(2)(x)(b) where consideration was paid, possession delivered, and substantive ownership rights exercised under an earlier agreement. Registration that merely formalises an already concluded transaction creates no new taxable receipt; prior acceptance of rental income from the property is inconsistent with treating registration as the first receipt. Consequently, the addition was deleted. Penalty for under-reporting under Section 270A cannot survive where it rests exclusively on that deleted addition, because no under-reported or misreported income remains. Case-Laws Income Tax Fri, 17 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796946