2025 (4) TMI 84

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..... B.R. BASKARAN, A.M : The assessee has filed this appeal challenging the order dated 30-09-2024 passed by the Ld CIT(A), NFAC, Delhi and it relates to the Assessment Year (AY.) 2018-19. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the addition of Rs.19,74,660/- made by the AO u/s 56(2)(x) of the Act. 2. The appeal is barred by limitation by 54 days. The assessee has file .....

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..... new flat was Rs.25,17,700/-. The indexed cost of the old flat was Rs.5,43,040/-. Accordingly, the AO assessed the difference between the above said values amounting to Rs.19,74,660/- as income of the assessee u/s 56(2)(x) of the Act. The LdCIT(A) confirmed the same. 4. We heard the parties and perused the record. The facts discussed above would show that the assessee got a new flat in the redevel .....

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..... e are of the view that the tax authorities are not correct in law in assessing the impugned transaction u/s 56(2)(x) of the Act. Accordingly, we set aside the order passed by Ld CIT(A) and direct the AO to delete the addition made by him u/s 56(2)(x) of the Act. 7. In the result, the appeal filed by the assessee is allowed. Order pronounced in the open court on 17-03-2025
Case laws, Decision .....

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