Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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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 appellant, consisting of certificates from Municipal Authorities and Gram Panchayat, supporting the agricultural nature of the land. After considering the evidence and legal arguments, the Tribunal concluded that the land in question did not qualify as a capital asset u/s 2(14). Since the agricultural land was not categorized as a capital asset, the provisions of section 56(2)(viib) were deemed inapplicable. Consequently, the addition made by the AO under section 56(2)(viib) was deleted.
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 appellant, consisting of certificates from Municipal Authorities and Gram Panchayat, supporting the agricultural nature of the land. After considering the evidence and legal arguments, the Tribunal concluded that the land in question did not qualify as a capital asset u/s 2(14). Since the agricultural land was not categorized as a capital asset, the provisions of section 56(2)(viib) were deemed inapplicable. Consequently, the addition made by the AO under section 56(2)(viib) was deleted.
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