2026 (8) TMI 1425

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....nfirming the addition of Rs. 25,51,474/- made by the Assessing Officer under section 56(2)(x) of the Income-tax Act, 1961 ("the Act"). 2. At the outset, it is observed that the appeal is delayed by about 120 days. The Assessee, being a senior citizen, thus has filed an application, supported by an affidavit, explaining that he did not receive the physical copy of the appellate order, was not regularly accessing his email, and was also travelling outside India from 25.10.2025 to 15.11.2025. It is further stated that she became aware of the impugned order only upon receipt of notice under section 270A dated 06.03.2026, where after, he consulted his Chartered Accountant and took steps for filing the present appeal. 3. On the contrary, th....

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....by the Ld. Commissioner. 6. We have heard the parties, perused the material available on record and given thoughtful consideration to the rival claims of the parties. The applicability of section 56(2)(x), insofar as relevant, presupposes receipt of an immovable property by the Assessee during the relevant previous year. Thus, though an instrument may have been executed or registered during the year and may have been subjected to stamp duty valuation, however, the essential requirement remains that the Assessee should have received an immovable property contemplated under the said provision. 7. In Bipinchandra Shantilal Shah v. ITO, ITA No.2933/Mum/2023, order dated 22.10.2024, the coordinate bench considered the applicability of sect....

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....f March 2006 and, as per the case of the Assessee, the supplementary agreement merely incorporated the changes arising from the amended building plan. Further, there is no finding that any additional consideration was demanded from, or paid by, the Assessee under the supplementary agreement. Thus, the ratio laid down in Bipinchandra Shantilal Shah and Anil Dattaram Pitale, in our considered view, squarely supports the case of the Assessee. 10. Though the lower authorities have relied upon the absence of a specific reference to car parking in the earlier agreement and upon the stamp duty valuation of the supplementary instrument, however, these circumstances, by themselves, cannot establish receipt of a separate immovable property during ....