https://www.taxtmi.com/caselaws?id=764034 ITAT Lucknow allowed the appeal and directed deletion of addition under section 56(2)(vii)(b)(ii) regarding difference between fair market value and consideration paid for agricultural land purchase. The transaction occurred on 01.08.2012 during FY 2012-13, making pre-amendment provisions applicable. The AO could not legally bring this transaction within tax ambit under then-existing law. The First Appellate Authority's finding that transaction was without consideration was incorrect as assessee paid Rs. 6 lakhs consideration. ITAT set aside the lower authority's order. en-us Tue, 31 Dec 2024 00:00:00 +0530 Fri, 23 May 2025 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764034 ITAT Lucknow allowed the appeal and directed deletion of addition under section 56(2)(vii)(b)(ii) regarding difference between fair market value and consideration paid for agricultural land purchase. The transaction occurred on 01.08.2012 during FY 2012-13, making pre-amendment provisions applicable. The AO could not legally bring this transaction within tax ambit under then-existing law. The First Appellate Authority's finding that transaction was without consideration was incorrect as assessee paid Rs. 6 lakhs consideration. ITAT set aside the lower authority's order. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764034