Section 56(2)(vii)(b)(ii) not applicable to transactions before 1-4-2014: ITAT deleted addition

Vimla Tripathi Vs ITO (ITAT Lucknow)

In the matter above mentioned ITAT deleted the addition made by the AO after observing that the provision invoked by the AO was introduced introduced w.e.f. 01.04.2014 only, whereas the assessee had entered into the transaction on 01.08.2012.

Assessee filed her return at Rs.1,93,140/-. AO noticed that assessee had purchased an agricultural land admeasuring 0.6200 hectare on 01.08.2012, jointly with her husband, for a consideration of Rs.12,00,000/- for which market value of the property was taken at Rs. 71,30,000/- for the stamp duty purp

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