The assessee entered into a Joint Development Agreement under which it received monetary consideration and was also entitled to specified constructed premises on completion of the project. The Assessing Officer, comparing the disclosed consideration with the stamp duty valuation, made additions under sections 45(5A) and 56(2)(x), which were confirmed ex parte by the Commissioner (Appeals). The Tribunal held that the authorities had failed to properly appreciate the terms of the Joint Development Agreement and had taxed consideration which had neither accrued nor arisen during the relevant previous year. As the assessee had not been afforded an effective opportunity of hearing, the orders of the lower authorities were set aside, and the matter was restored to the Assessing Officer for fresh adjudication after examining the terms of the agreement, the actual consideration received and the applicability of sections 45(5A) and 56(2)(x). The delay of 458 days in filing the appeal was also condoned on showing sufficient cause. (AY. 2018-19)