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2023 (4) TMI 575 - AT - Income TaxIncome from other sources - Valuation of purchase of agricultural lands - difference between the purchase consideration and Stamp Duty Valuation exceed to be added as income u/s. 56(2)(vii)(b) - excess agricultural income - HELD THAT:- CIT(A) while giving partial relief to the assessee has considered the difference between the declared value determined by the assessee and estimated value determined by the DVO is relating to two survey numbers only, wherein there is different in value and thereby given relief to the assessee. Since the above agricultural land is one lot of large extent of land purchased by the assessee along with his brother as co-owners, once the entire transactions is to be taken as one transaction then the difference between the declared value by the assessee and that is determined by the DVO, which is less than 5% only. Therefore taking into account, the totality of the transactions made by the assessee, we find that the invocation of Section 56(2)(vii)(b) does not arise in this case. Therefore we direct to delete the entire addition made by the AO u/s. 56(2)(vii)(b) of the Act. Decided in favour assessee.
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