https://www.taxtmi.com/caselaws?id=385784 The Tribunal upheld the CIT(A)'s decision, confirming the application of Section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961 to the relevant transactions. It rejected the argument that agricultural land should be classified as rural land, denied the claim for enhanced cost deduction under Section 54B, and refused to admit additional evidence. The appeal was dismissed, affirming the additions made by the authorities under the Act. en-us Wed, 11 Sep 2019 00:00:00 +0530 Fri, 13 Sep 2019 06:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385784 The Tribunal upheld the CIT(A)'s decision, confirming the application of Section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961 to the relevant transactions. It rejected the argument that agricultural land should be classified as rural land, denied the claim for enhanced cost deduction under Section 54B, and refused to admit additional evidence. The appeal was dismissed, affirming the additions made by the authorities under the Act. Case-Laws Income Tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385784