Provision of section 56(2)(vii)(b) not invocable on purchase of agricultural land

Shri Yogesh Maheshwari Vs DCIT (ITAT Jaipur) Facts-The assessee, an individual, is deriving income from capital gain and other sources. A search was carried out u/s 132 on 07-01-2016 in case of Dilip Manihar group in which assessee was also covered. The assessee filed his ROI u/s 139 on 30-03-2016 declaring total income of Rs. 11,05,320/-. The assessee during the year under consideration alongwith Sh. Anil Parwal purchased a land at village Jatwara, Tehsil Bassi, Jaipur on 08.09.2014. The DLC value of the said property was Rs. 23,02,400/-, it was purchased for only Rs. 13,10,000/-. Since, the ...