Taxpayer is not Owner of Property: ITAT deletes Addition of 25 lakhs u/s 56 of Income Tax Act [Read Read]
The property was never owned by the assessee, it was not eligible /entitled to keep the money having been received by way of earnest money & part sale consideration in respect of the said property from the prospective buyer.
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has nullified the addition of Rs. 25 lakhs under Section 56 of the Income Tax Act, stating that the taxpayer is not the rightful owner of the property under scrutiny. The facts relevant to the adjudication of the case are that, two persons…
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