TMI Blog2021 (11) TMI 1149X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be chargeable to income tax under the head income from other sources if it is not chargeable under any of the heads specified in Section 14, items A to E. Sub-section (2) of Section 56 provides that in particular and without prejudice to the generality of the provisions of sub-section (1), the income specified in several sub-clauses contained in this section shall be chargeable to income tax as income from other sources. Revenue did not argue that the said provisions would be applicable to a stock in trade of an assesse- if it was found that assessee was actually in the business of real estate development and the land in question formed part of the stock in trade of the assessee, Section 56(2) (vii) would have no applicability. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted the DLC rate applied by the AO and the plea that the lands were held as business asset was never taken before AO and that the assessee has also shown land/plots as investments and there are no developmental expenses as such debited/claimed in the year. The short question pertains to applicability of Section 56(2) (vii) of the Income Tax Act, 1961 in case of the respondentassessee. The Assessing Officer with the aid of the said provision had made an addition of the sum of Rs.3,15,70,809/- as income of the assessee for the assessment year 2015-16. The assessee carried the matter in appeal before the CIT (Appeals). The assessee sought permission to produce additional documents. On the basis of such additional documents, the assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property, (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this subclause: Provided further that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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