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Tribunal Orders Fresh Probe on Rs. 5.24 Cr Land Addition Over 8-km Claim
Case Law Details
- Case Name
- Smt Kiran Lata Bhadoria Vs ITO (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
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Smt Kiran Lata Bhadoria Vs ITO (ITAT Agra)
Rural Land or Not? Rs.5.24 Cr 56(2)(vii) Addition Reopened—New Evidence Changes Landscape- ITAT Orders Fresh Probe into 8-km Distance Claim
Assessee purchased agricultural land on 12-08-2014 for Rs.73,06,000, but stamp valuation was Rs.5,97,40,000. AO made two major additions: (i) Rs.42,22,250 as unexplained investment u/s 69, being stamp duty & registration expenses paid in cash; (ii) Rs.5,24,34,000 u/s 56(2)(vii) as differential between stamp value & declared purchase price.
Assessee explained that cash of Rs.42,22,250 came from sale proce...
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