https://www.taxtmi.com/highlights?id=80602 Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition for increase in capital account deleted as source explained through sale of agricultural land and current income. Addition u/s 56(2)(ix) for advance received deleted as land held agricultural. No capital gains taxable u/s 45(5A) as project not completed and no completion certificate obtained. Addition u/s 56(2)(x) for stamp duty differential upheld as cash payment violated proviso. Addition u/s 69 for unexplained investment partly deleted due to lack of evidence on cash payment mode. Partial relief granted for cash seized during search by attributing reasonable amount to cas..... en-us Thu, 22 Aug 2024 09:08:31 +0530 Wed, 28 Aug 2024 23:04:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80602 Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition for increase in capital account deleted as source explained through sale of agricultural land and current income. Addition u/s 56(2)(ix) for advance received deleted as land held agricultural. No capital gains taxable u/s 45(5A) as project not completed and no completion certificate obtained. Addition u/s 56(2)(x) for stamp duty differential upheld as cash payment violated proviso. Addition u/s 69 for unexplained investment partly deleted due to lack of evidence on cash payment mode. Partial relief granted for cash seized during search by attributing reasonable amount to cas..... Highlights Income Tax Thu, 22 Aug 2024 09:08:31 +0530 https://www.taxtmi.com/highlights?id=80602