ITAT quashes Confirmation of Income Tax Addition u/s 56(2)(vii)(b) solely for Payment made only by other Co-Owner before Registration [Read Order]

ITAT Mumbai held Confirmation of Income Tax Addition u/s 56(2)(vii)(b) solely based on payment made by other co-owner before registration invalid
ITAT - itat mumbai - Confirmation of Income Tax - Payment - Co owner - Registration - Income Tax Addition - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) quashed the confirmation of addition under Section 56(2)(vii)(b) of the Income Tax Act, done solely for payment made by other co-owner before registration. Assessee had a return of income declaring total income at ₹ 5,93,520/- filed on 27.08.2015. The case was subject to limited scrutiny…

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