He got 2 flats worth Rs 1.38 crore for tenancy rights; taxman sent notice, what ITAT said
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He was a tenant in Mumbai in a housing society that was slated to undergo redevelopment. He received two flats in the redeveloped building in return for surrendering his tenancy rights. The tribunal ruled that a tax demand under Section 56(2)(x) could not be imposed on the individual merely because he received two flats in exchange for giving up his tenancy rights in the redevelopment project. What's Your Reaction?
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