Held that when a tenancy right is converted in to ownership right, no immoveable property is received. Not taxable u/s 56(2)(x)(b) of the Act. No addition can be made either in the hands of the assessee or the land lord. (AY.) (ITA No. 2933/Mum/ 2023 dt. 22-10-2024)
Shri Bipinchandra Shatntilal v. ITO (2024) Chamber’s Journal-December-P 101 (Mum)(Trib)
S. 56 : Income from other sources-Transfer-Conversion of tenancy right to ownership rights-Not taxable-No immoveable property is received-No addition can be made either in the hands of the assessee or the land lord. [S. 2(47), 56(2)(x)(b)]
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