https://www.taxtmi.com/caselaws?id=757315 ITAT Hyderabad ruled in favor of the assessee on multiple issues. The tribunal held that land sold beyond 2 km from municipality limits constitutes agricultural land, not capital asset under section 2(14) of IT Act, 1961. Capital gains under JDA were held taxable only upon completion certificate issuance per section 45(5A). Additions for increase in capital account and unexplained income were deleted as assessee provided adequate evidence. However, addition under section 56(2)(x) for stamp duty value difference was upheld due to cash payment without account payee cheque. The tribunal partially allowed cash found during search to extent of Rs. 20 lakhs, considering assessee's declared income and available cash balance. en-us Wed, 14 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757315 ITAT Hyderabad ruled in favor of the assessee on multiple issues. The tribunal held that land sold beyond 2 km from municipality limits constitutes agricultural land, not capital asset under section 2(14) of IT Act, 1961. Capital gains under JDA were held taxable only upon completion certificate issuance per section 45(5A). Additions for increase in capital account and unexplained income were deleted as assessee provided adequate evidence. However, addition under section 56(2)(x) for stamp duty value difference was upheld due to cash payment without account payee cheque. The tribunal partially allowed cash found during search to extent of Rs. 20 lakhs, considering assessee's declared income and available cash balance. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757315