SHEETAL SANTOSH SHETYE,MUMBAI vs. ITO WARD 31(2)(1), MUMBAI, MUMBAI

ITA 2690/MUM/2026Status: DisposedITAT Mumbai03 July 2026AY 2018-20199 pages
AI SummaryRemanded

What were the facts?

The assessee purchased a property in 2009-10 but registration was delayed. During reassessment for AY 2018-19, she offered income under Section 56(2)(x) based on a valuation report, believing it was applicable. Later, she contended that Section 56(2)(x) was not applicable as the transaction predated its introduction.

What did the Tribunal hold?

The Tribunal held that the assessee's contention regarding the non-applicability of Section 56(2)(x) due to the transaction date was valid. It also noted that if tax was paid under a mistaken understanding, relief should be granted.

What were the issues?

Whether Section 56(2)(x) is applicable to a property transaction concluded before its introduction, and whether tax paid under a mistaken understanding can be refunded.

Which sections of the Income-tax Act were involved?

Section 56(2)(x),Section 147,Section 144B,Section 250,Section 148,Section 237,Section 240

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI

Before: SHRI OM PRAKASH KANT & SHRI ANIKESH BANERJEE

PER: ANIKESH BANERJEE, (JM): The instant appeal of the assessee filed against the order of the NFAC, Delhi [for brevity “Ld. CIT(A)”], order passed under Section 250 of the Income Tax Act, 1961 (for brevity ‘the Act’), for Assessment Year 2018-19, date of order 30.01.2026. The impugned order emanated from the order of the Assessment Unit Income Tax Department (for brevity ‘Ld. AO’), order passed under section 147 r.w.s. 144B of the Act, date of order 25

The order continues below.

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