Assessee had booked flat with builders and got an allotment letter by making an initial payment of Rs. 10 lakhs on 10-9-2012 by account payee cheque. Assessee made subsequent payments as per schedule starting from 10-9-2012 till 21-9-2020.Said flat was registered in FY 2019-20. Assessing Officer asked assessee as to why an amount of Rs. 1.88 crore [value of property as determined by Stamp Duty Valuation Authority (Rs. 3.63 crore)  consideration paid by assessee for said property (Rs. 1.75 crore)] should not be added to total income of assessee as per provisions of section 56(2)(x). In response, assessee submitted that he registered agreement in FY 2019-20 but on terms of transaction and price agreed in FY. 2012-13 and not in FY. 2019-20. Assessing Officer rejected assessee’s contention and made addition under section 56(2)(x). CIT(A) deleted the addition. On appeal the Tribunal held that  when builder gave an allotment letter with terms and conditions and all rights and value of purchase was agreed upon and assessee acted upon by accepting terms and conditions and started making agreed payment, then it was clearly covered under proviso to section 56(2)(x). Since assessee had agreed to purchase in year 2012 in terms of allotment letter and also made payments through banking channels before sale was registered, value as on date of allotment had to be treated as stamp duty value for purpose of provision of section 56(2)(x) and since at that time payment made was more than stamp duty value, no addition could be made. Order of CIT(A) is affirmed.  (AY. 2020-21)