Section 56(2)(vii)(b) cannot be Invoked in case of Agricultural Land

Sh. Prem Chand Jain Vs ACIT (ITAT Jaipur) The issue under consideration is whether the provisions of section 56(2)(vii)(b) can be invoked in case of agricultural land where it doesn’t qualify as falling in the definition of capital asset? ITAT states that, on reading of provisions of 56(2)(vii)(b), they find that it refers to any immoveable property. Further, provisions of section 56(2)(vii)(c) refers to any property, other than an immovable property. The meaning of the term “property” has been provided in Explanation (d) to section 56(2)(vii) where the term “property” has been defin...