https://www.taxtmi.com/caselaws?id=754081 The ITAT Delhi ruled in favor of the assessee, allowing the appeal and deleting the Rs. 24,54,000 addition made under section 56(2)(x) of the Act. The Tribunal determined that the purchased property was agricultural land, not a capital asset, and thus the deeming provision under section 56(2)(x) was inapplicable. en-us Fri, 14 Jun 2024 00:00:00 +0530 Mon, 17 Jun 2024 08:45:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754081 The ITAT Delhi ruled in favor of the assessee, allowing the appeal and deleting the Rs. 24,54,000 addition made under section 56(2)(x) of the Act. The Tribunal determined that the purchased property was agricultural land, not a capital asset, and thus the deeming provision under section 56(2)(x) was inapplicable. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754081