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TMI Blog2021 (9) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... and bad on facts. 2. The order passed is contrary to the principles of natural justice and is without providing adequate opportunity of hearing to the appellant. 3. a. The ld. CIT-I has erred in observing that the income of Rs. 11,05,000/- ought to have been considered as income u/s 56(2)(vii)(b) of the Act. Such observation so made is bad in law and bad on facts. b. The application of section 56(2)(vii)(b) in the facts and circumstances of the case is bad in law and bad on facts. 4. The appellant pray for suitable costs. 5. The appellant crave liberty to add, amend, alter, or modify any of the ground of appeal on or before its hearing before your honour." 2. The brief facts of the case are that the assessee had filed return of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f trade and cannot be regarded as gift as contemplated in section 56(2)(vii). 5. The assessee further contends that the order passed by AO cannot be said to be erroneous or prejudicial to the interest of revenue. The main contention of the assessee had been that the case was selected for limited scrutiny and the issue involved was examined and found to be correct and no addition was being made. The assessee also relied upon the Circular dated 29th December, 2015 issued by CBDT with regard to issues and scope of scrutiny cases selected through CASS. It was stressed that the limited scrutiny cases on specific issue based enquiry is to be conducted only in those scrutiny cases which have been selected on the parameter and in such cases, the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is an attempt to discover the intent of the legislature from the language used by it. In the said case it was held that certain margins which were provided in the section for the difference in fair market value of asset and the consideration declared in respect of transfer of property is clearly is to save the assessee from the rigour of the section in marginal cases where difference in subjective valuation by different individuals may result in an apparent disparity between the fair market value and the declared consideration. It was also held that it is a well-known fact that the determination of fair market value of a capital asset is generally a matter of estimate based to some extent on guess work and despite the utmost bona fides, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly was also submitted by the assessee which is at pages 15 and 16 and the main contention was that agreement for purchase was made earlier and since he is real estate business, the property are booked and tried to be sold directly but if the willing buyers are not available after some time the same is being purchased. In view of the above facts and circumstances, it is humbly submitted that the addition u/s 56(2)(vii)(b)(ii) may not be made in the case of assessee and the proposed proceedings may kindly be dropped. 10. The assessee also relied on the decision of ITAT Jaipur Bench in the case of CIT vs. Ashok Agarwal HUF reported in (2020) 207 TTJ (Jp) 608 in which also it was held that the plots of land were in the nature of stock in trade ..... X X X X Extracts X X X X X X X X Extracts X X X X
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