Addition u/s 56(2)(x) not sustainable when Conditions for purchase were as per Conditions mentioned in Allotment letter: ITAT [Read Order]

Addition - sustainable - Conditions - sustainable when Conditions for purchase were as per Conditions mentioned in Allotment letter - ITAT - taxscan

The Surat bench of the Income Tax Appellate Tribunal (ITAT) held that the additions under Section 56(2)(x) of the Income Tax Act, 1961 shall not be sustainable when the conditions for purchase were as per the conditions mentioned in the allotment letter. The assessee is a firm, engaged in the business of buying and selling…

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