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/-.

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