He got 2 flats worth Rs 1.38 crore for tenancy rights; taxman sent notice, what ITAT said
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.
