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2019 (2) TMI 277 - AT - Income TaxIncome chargeable to tax under the head “Income from other sources” - addition u/s 56 - difference amount of stamp duty value and purchase value - Held that:- On reading of provisions of 56(2)(vii)(b), we find that it refers to any immoveable property and the same is not circumscribed or limited to any particular nature of immoveable property. It refers to any immoveable property which by its grammatical meaning would mean all and any property which is immoveable in nature, i.e, attached to or forming part of earth surface. In the instant case, the assessee has purchases three plots of agricultural land and such agricultural land is clearly an immoveable property. Whether such agriculture land falls in the definition of capital asset u/s 2(14) or whether such agriculture land is stock-in-trade of the assessee, in our considered view, are issues which cannot be read in the definition of “any immoveable property” used in context of section 56(2)(vii)(b) and are thus not relevant. In the result, we set- aside the order of the ld CIT(A) to this extent and upheld the order of the Assessing officer. In the result, ground no. 1 of the Revenue’s appeal is allowed. Unexplained investment in purchase of three properties - Held that:- The total investment in the land including stamp duty and other transfer charges comes to ₹ 32,38,600/-. Considering a reasonable household expenditure of ₹ 1 lakh, it is reasonable to infer that investment to the extent of ₹ 23,97,600/- is explained. Therefore, the balance investment of ₹ 8,41,000/- remain unexplained and liable to be taxed U/s 69 of the Act. Accordingly, the addition on this account is reduced to ₹ 8,41,000/-. Appellant’s ground of appeal on this issue is partly allowed
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