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Addition u/s 56(2)(vii)(b), Income Tax

Issue Id: - 113031
Dated: 10-11-2017
By:- Haresh Raithatha
Addition u/s 56(2)(vii)(b)

  • Contents

Dear sir

One of my client had purchased Agricultural land for ₹ 32 lacs jointly with 3 co-owners in F Y 14-15. He is having other income of ₹ 2.50 lacs (Agricultural income ₹ 7.25 lacs) during the F.Y. 2014-15. Value u/s 50 (c) is ₹ 90 lacs. The case is selected under scrutiny and AO want to Add ₹ 14.50 lacs (1\4th share) in the Assessment u/s 56 (2)(vii)(b).

Please adivse.

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Showing Replies 1 to 1 of 1 Records

1 Dated: 10-11-2017
By:- MARIAPPAN GOVINDARAJAN

What is the reason given by the Assessing Officer for adding this amount to the income of your client?


1

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