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2019 (4) TMI 1877 - AT - Income TaxAddition u/s 56(2)(vii)(b) - difference between the stamp duty value and the actual purchase consideration - Whether the agricultural land purchased by the appellant not being a 'property' as per the definition provided in the said section, it being an agricultural land not falling in the definition of capital asset? - HELD THAT:- Agricultural land purchased by assessee is not governed by the provisions of section 56(2)(vii)(b) being not capital asset and also because of the fact that the assessee was holding it as stock in trade. It is outside the purview of said section and no addition has to be made in the hands of assessee. Coming to the decision of Jaipur Bench of Tribunal in ITO v. Trilok Chand Sain [2019 (2) TMI 277 - ITAT JAIPUR] wherein provisions of clause (b) of section 56(2)(vii) were considered. They have failed to take into cognizance the provisions of clause (c) of said section, which talks of property other than immovable property. Tribunal only to the definition of 'immovable property' and hold that it is not circumscribed or limited to any particular nature of property. Clause (c) very clearly talks of property other than immovable property and the word 'property' has further been defined under clause (d) of Explanation thereunder. In view of clear-cut provisions of the Act, we find no merit in the orders of authorities below in making the aforesaid addition in the hands of assessee - Appeal No. 1 raised by assessee is thus, allowed.
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