No Income Tax Payable on New Flat Received in Exchange for Old One: ITAT deletes Addition u/s 56(2)(x) [Read Order]
The transaction may attract the provisions relating to capital gains, wherein the assessee would be eligible for exemption under Section 54 of the Act, subject to fulfillment of specified conditions. In such a scenario, no tax liability would arise
By Navasree A.M - On April 17, 2025 11:23 am - 2 mins read
In a recent ruling, The Income Tax Appellate Tribunal ( ITAT ) of Mumbai ruled that income tax is not applicable under Section 56(2)(x) of the Income Tax Act, 1961, where a new flat is received in exchange for an old one as part of a redevelopment project. The bench deleted additions made by the…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
