https://www.taxtmi.com/caselaws?id=767774 ITAT Delhi ruled in favor of the assessee, deleting additions made under Section 56(2)(vii)(b)(ii) for property purchased below circle rate, finding the provision was not applicable during the assessment year. The tribunal held that the AO erred in disbelieving the assessee's source of investment for agricultural land purchase without contrary evidence or proper investigation. Additionally, the tribunal allowed the entire claim of agricultural income, noting the assessee owned 18 acres through family holdings, and criticized CIT(A) for sustaining partial addition without justification. en-us Fri, 21 Mar 2025 00:00:00 +0530 Tue, 25 Mar 2025 08:48:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767774 ITAT Delhi ruled in favor of the assessee, deleting additions made under Section 56(2)(vii)(b)(ii) for property purchased below circle rate, finding the provision was not applicable during the assessment year. The tribunal held that the AO erred in disbelieving the assessee's source of investment for agricultural land purchase without contrary evidence or proper investigation. Additionally, the tribunal allowed the entire claim of agricultural income, noting the assessee owned 18 acres through family holdings, and criticized CIT(A) for sustaining partial addition without justification. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767774