https://www.taxtmi.com/caselaws?id=396519 The Tribunal held that the provisions of Section 56(2)(vii)(b) of the Income Tax Act do not apply to agricultural land unless it qualifies as a capital asset. The matter was remanded to the Assessing Officer to determine if the agricultural land meets the definition of a capital asset under Section 2(14). If so, the AO must refer the matter to the District Valuation Officer for fair market value determination. The appeal was allowed for statistical purposes, with directions for the AO to provide a reasonable opportunity to the assessee before making a final decision. en-us Mon, 08 Jun 2020 00:00:00 +0530 Wed, 07 Oct 2020 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396519 The Tribunal held that the provisions of Section 56(2)(vii)(b) of the Income Tax Act do not apply to agricultural land unless it qualifies as a capital asset. The matter was remanded to the Assessing Officer to determine if the agricultural land meets the definition of a capital asset under Section 2(14). If so, the AO must refer the matter to the District Valuation Officer for fair market value determination. The appeal was allowed for statistical purposes, with directions for the AO to provide a reasonable opportunity to the assessee before making a final decision. Case-Laws Income Tax Mon, 08 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396519