56(2)(x) immovable property

This discussion addresses a scenario involving Section 56(2)(x) of the Income Tax Act concerning immovable property. There's a significant difference between the Ready Reckoner value (157 lacs) and the agreement value (79 lacs), with the demand income considered at 83 lacs. A reassessment order under Section 148 was issued on 19/1/21 for AY 2018-19, for a building over 50 years old at the time of sale. The user is seeking guidance on the procedure following a demand order of 156, with options to appeal or pay the demand.