Addition u/s 56(2)(vii)(b)(ii) - difference between the stamp ...

Agricultural Land Not a "Capital Asset" u/s 2(14); Additions u/s 56(2)(vii)(b) Removed.

September 16, 2020

Case Laws Income Tax AT

Addition u/s 56(2)(vii)(b)(ii) - difference between the stamp duty value and purchase value of agricultural land (immovable property) - the agricultural land purchased in the name of the assessee is not a ‘’capital asset’’ as per provisions of Section 2(14) of the Act and it is not covered by the definition of ‘’property’’ given in Explanation to Section 56(2)(vii)(b) - Additions deleted - AT

View Source

← Previous Next →

Addition u/s 56(2)(vii)(b)(ii) - difference between the stamp ...

Agricultural Land Not a "Capital Asset" u/s 2(14); Additions u/s 56(2)(vii)(b) Removed.

September 16, 2020

Case Laws Income Tax AT

You may also like:

The ITAT considered an appeal regarding an addition u/s 56(2)(x) where the property in question was agricultural land. The difference between the consideration paid and...

Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Addition u/s 56(2)(vii)(b) - Whether property acquired by the assessee was not a capital asset? - where the agricultural land doesn’t qualify as falling in the...

Long term capital gain - agricultural land - capital asset u/s 2(14) - land as situated within Municipal Limit or not?- it can be held that “Dharuhera” of District...

Addition u/s 56 - difference amount of stamp duty value and purchase value - Whether such agriculture land falls in the definition of capital asset u/s 2(14) or whether...

LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

Nature of land sold - Capital asset u/s 2(14) or agricultural land - it is categorically clear that the travel distance of Nighu village by road is around 9 kilometers...

Nature of land sold - Capital asset u/s 2(14) or agricultural land - If both the conditions are present then it would not be agricultural land and would be treated as...

Capital asset” u/s 2(14) - agricultural land - scope of word “any municipality” - Section 2(14)(iii)(b) contemplates calculating distance of the land in question from...

Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

Capital gain on sale of land - Nature of land sold - agricultural land - calculation of shortest route - , although there is no doubt that conflicting reports were...

Addition u/sec. 56(2)(vii) - Difference in value of agricultural land purchased from value of property for stamp duty purpose - The Tribunal examined the discrepancy in...

Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

Quick Updates: