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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 for increase in capital account deleted as source explained through sale of agricultural land and current income. Addition u/s 56(2)(ix) for advance received deleted as land held agricultural. No capital gains taxable u/s 45(5A) as project not completed and no completion certificate obtained. Addition u/s 56(2)(x) for stamp duty differential upheld as cash payment violated proviso. Addition u/s 69 for unexplained investment partly deleted due to lack of evidence on cash payment mode. Partial relief granted for cash seized during search by attributing reasonable amount to cash balance. Cash deposits of loan repayments not treated as unexplained u/s 69A. Unsecured loans addition u/s 68 deleted as loans properly explained. Increase in capital account addition deleted as source explained. Unexplained investment addition partly upheld for excess unaccounted consideration. Relief granted for differential consideration added in wrong year. Credits in bank accounts not treated as unexplained income as attributable to declared income. Family pension addition deleted as only declared amount received.
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 for increase in capital account deleted as source explained through sale of agricultural land and current income. Addition u/s 56(2)(ix) for advance received deleted as land held agricultural. No capital gains taxable u/s 45(5A) as project not completed and no completion certificate obtained. Addition u/s 56(2)(x) for stamp duty differential upheld as cash payment violated proviso. Addition u/s 69 for unexplained investment partly deleted due to lack of evidence on cash payment mode. Partial relief granted for cash seized during search by attributing reasonable amount to cash balance. Cash deposits of loan repayments not treated as unexplained u/s 69A. Unsecured loans addition u/s 68 deleted as loans properly explained. Increase in capital account addition deleted as source explained. Unexplained investment addition partly upheld for excess unaccounted consideration. Relief granted for differential consideration added in wrong year. Credits in bank accounts not treated as unexplained income as attributable to declared income. Family pension addition deleted as only declared amount received.
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