https://www.taxtmi.com/caselaws?id=398449 The Tribunal allowed the appeal, directing the AO to delete additions under Section 56(2)(vii)(b)(ii) and for unexplained investment in agricultural land. The Tribunal held that agricultural land does not fall under the purview of Section 56(2)(vii)(b)(ii) as it pertains only to capital assets. It found the assessee's evidence of agricultural income sufficient to explain the investment in agricultural land, overturning the CIT(A)'s decision. en-us Thu, 03 Sep 2020 00:00:00 +0530 Wed, 16 Sep 2020 13:47:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398449 The Tribunal allowed the appeal, directing the AO to delete additions under Section 56(2)(vii)(b)(ii) and for unexplained investment in agricultural land. The Tribunal held that agricultural land does not fall under the purview of Section 56(2)(vii)(b)(ii) as it pertains only to capital assets. It found the assessee's evidence of agricultural income sufficient to explain the investment in agricultural land, overturning the CIT(A)'s decision. Case-Laws Income Tax Thu, 03 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398449