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2021 (9) TMI 449 - AT - Income TaxAddition u/s 56(2)(vii)(b) - sale of agricultural land - Status of the land - difference in the stamp duty valuation and transaction value - Assessee contended that addition under section 56(2)(vii)(b)(ii) of the Act cannot be made against the assessee as the assessee has purchased agricultural land, which is situated beyond 8 km from local municipal limit and that, the agricultural land, is not a capital asset - HELD THAT:- We find that the lower authorities has not disputed the fact that the land purchased by the assessee are beyond the 8 km from the mentioned unit of SMC - CIT(A) further admitted that the assessee purchased the agricultural land. We have seen the sale /purchase deed dated 25.102013, which is placed on record on the direction of the bench, wherein the nature of land is described as “agricultural land”. We find that grounds of appeal raised by the assessee is covered by the decision of Pune Bench of Tribunal in Mubharak Gafur Korabu [2019 (4) TMI 1877 - ITAT PUNE] and in Yogesh Maheshwari [2021 (1) TMI 832 - ITAT JAIPUR] Therefore, we find merit in the submission of the ld.AR of the assessee that provision of section 56(2)(vii)(b) of the Act are of the Act not applicable in the present case. - Decided in favour of assessee.
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