ITAT deletes section 56(2)(vii)(b) addition as land was not a fresh purchase

ACIT Vs Ajay Jagdishnarain Agarwal (ITAT Mumbai) fter going through the order passed by the CIT(A), we noticed that the property was purchased by Jagdish Narian Agarwal in the year 1974 after paying the full consideration. The original owners/vendors confirmed the transaction and the parties had given requisite confirmation before the district collector. They transferred the possession of the said land to Late Shri Jagdishnarian Agarwal. Original owners and confirmation parties also executed the Power of Attorney in favour of Late Shri Jagdishnarian Agarwal in which all rights were given to hi...