Addition u/s 56(2)(vii)(b), Income Tax

[Haresh Raithatha]

Dear sir

One of my client had purchased Agricultural land for ₹ 32 lacs jointly with 3 co-owners in F Y 14-15. He is having other income of ₹ 2.50 lacs (Agricultural income ₹ 7.25 lacs) during the F.Y. 2014-15. Value u/s 50 (c) is ₹ 90 lacs. The case is selected under scrutiny and AO want to Add ₹ 14.50 lacs (1\4th share) in the Assessment u/s 56 (2)(vii)(b).

Please adivse.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

What is the reason given by the Assessing Officer for adding this amount to the income of your client?