Tribunal Orders Fresh Probe on Rs. 5.24 Cr Land Addition Over 8-km Claim

Smt Kiran Lata Bhadoria Vs ITO (ITAT Agra) Rural Land or Not? Rs.5.24 Cr 56(2)(vii) Addition Reopened—New Evidence Changes Landscape- ITAT Orders Fresh Probe into 8-km Distance Claim Assessee purchased agricultural land on 12-08-2014 for Rs.73,06,000, but stamp valuation was Rs.5,97,40,000. AO made two major additions: (i) Rs.42,22,250 as unexplained investment u/s 69, being stamp duty & registration expenses paid in cash; (ii) Rs.5,24,34,000 u/s 56(2)(vii) as differential between stamp value & declared purchase price. Assessee explained that cash of Rs.42,22,250 came from sale proce...