https://www.taxtmi.com/caselaws?id=401923 The Tribunal dismissed the Assessee's Miscellaneous Application seeking rectification of a mistake in the substantive order under s.254(2) of the Income Tax Act for AY 2014-15. The Tribunal upheld the applicability of the amended provisions of section 56(2)(vii)(b) to the land purchase transaction, rejecting the Assessee's arguments. Additionally, the Tribunal declined to admit additional evidence regarding the rural nature of the land, citing procedural rules and lack of compelling reasons for belated submission. The Tribunal found no errors in its decision and deemed the rectification plea unsustainable, ultimately dismissing the Miscellaneous Application. en-us Wed, 16 Dec 2020 00:00:00 +0530 Wed, 28 Jul 2021 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401923 The Tribunal dismissed the Assessee's Miscellaneous Application seeking rectification of a mistake in the substantive order under s.254(2) of the Income Tax Act for AY 2014-15. The Tribunal upheld the applicability of the amended provisions of section 56(2)(vii)(b) to the land purchase transaction, rejecting the Assessee's arguments. Additionally, the Tribunal declined to admit additional evidence regarding the rural nature of the land, citing procedural rules and lack of compelling reasons for belated submission. The Tribunal found no errors in its decision and deemed the rectification plea unsustainable, ultimately dismissing the Miscellaneous Application. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401923