Installment Payments for Immovable property Purchase via cheque on different dates: ITAT deletes Addition u/s 56(2)(x) [Read Order]

The assessee had made payment for immovable property purchase through account payee cheque
ITAT - ITAT Kolkata - Income Tax - Immovable property - Cheque Based Property - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ), deleted addition under Section 56(2)(x) of the Income Tax Act, 1961 as the orders of both the lower authorities are not sustainable because the assessee has demonstrated that it has made payment for purchase of this property through account payee cheque in installments…

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