https://www.taxtmi.com/caselaws?id=765418 ITAT Raipur held that AO exceeded jurisdiction in limited scrutiny assessment by making addition u/s 56(2)(vii)(b) regarding difference between purchase consideration of Rs 5 lacs and stamp duty value of Rs 55,65,900 for land, as this issue was not basis for case selection under limited scrutiny. Addition of Rs 50,65,900 was quashed for want of valid jurisdiction assumption. Regarding deduction u/s 54B, ITAT found agricultural lands totaling 3.205 hectares were used for paddy cultivation in two years preceding transfer date, satisfying statutory pre-condition. AO directed to allow deduction subject to verification of other conditions. Appeal partly allowed. en-us Wed, 29 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765418 ITAT Raipur held that AO exceeded jurisdiction in limited scrutiny assessment by making addition u/s 56(2)(vii)(b) regarding difference between purchase consideration of Rs 5 lacs and stamp duty value of Rs 55,65,900 for land, as this issue was not basis for case selection under limited scrutiny. Addition of Rs 50,65,900 was quashed for want of valid jurisdiction assumption. Regarding deduction u/s 54B, ITAT found agricultural lands totaling 3.205 hectares were used for paddy cultivation in two years preceding transfer date, satisfying statutory pre-condition. AO directed to allow deduction subject to verification of other conditions. Appeal partly allowed. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765418