Appellant’s Bank statements Confirms Full Payment and Compliance with Section 56 (2)(x) (b) (B): ITAT deletes addition of Rs. 60.1 Lakhs [Read Order]

The Evidence provided by the Appellant through bank statements proving the payment of the entire consideration amount and provision Section 56 (2) (x) (b) (B) are also satisfied
ITAT - ITAT Mumbai - Income tax - Bank statement - Bank statements evidence - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the addition of INR 60.1 Lakhs after the appellant’s bank statements confirmed full payment and compliance with Section 56(2)(x)(b)(B) of the Income Tax Act. The relevant facts in brief are that the Appellant, a co-operative credit society, filed return of income for…

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