https://www.taxtmi.com/caselaws?id=430738 Section 69C could not support a notional addition based only on the difference between declared purchase price of agricultural land and its stamp duty valuation, because the provision applies only where actual unexplained expenditure is shown. In the absence of evidence that the assessee had in fact incurred the higher amount, the higher stamp valuation alone was insufficient to justify the addition. The later insertion of section 56(2)(x) also indicated that taxation of such valuation differences was introduced only for a subsequent period and did not apply to the assessment year in question. The addition was therefore deleted in favour of the assessee. en-us Mon, 19 Sep 2022 00:00:00 +0530 Sat, 26 Nov 2022 07:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430738 Section 69C could not support a notional addition based only on the difference between declared purchase price of agricultural land and its stamp duty valuation, because the provision applies only where actual unexplained expenditure is shown. In the absence of evidence that the assessee had in fact incurred the higher amount, the higher stamp valuation alone was insufficient to justify the addition. The later insertion of section 56(2)(x) also indicated that taxation of such valuation differences was introduced only for a subsequent period and did not apply to the assessment year in question. The addition was therefore deleted in favour of the assessee. Case-Laws Income Tax Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430738