Addition u/s. 56(2)(vii)(b) due to difference in circle rate & actual amount paid for land sustained

Anwar Hussain Khan Vs ACIT (ITAT Delhi) ITAT Delhi held that addition u/s. 56(2)(vii)(b) of the Income Tax Act on account of difference between circle rate and actual amount paid for purchase of land as the land in question was a capital asset. Facts- Vide the present appeal, the assessee has contested that CIT(A) has erred in law and on facts in confirming the action of AO in making addition of Rs.74,55,500/- u/s 56(2)(vii)(b) on the ground of difference between circle rate and actual amount paid for purchase of land, more so when the land was purchased for the purpose of business and the sam...