https://www.taxtmi.com/caselaws?id=769068 ITAT Nagpur ruled in favor of the assessee regarding addition under section 56(2)(vii)(b) for difference between market value and deed value as "Income from Other Sources." The tribunal held that AO cannot invoke section 56(2)(vii)(b)(ii) provisions when sub-clause (ii) was not available in the statute on the agreement date. Following precedent in Sri Anala Anjibabu case, the tribunal found no evidence of extra consideration paid beyond the sale agreement. CIT(A)'s deletion of addition was upheld. en-us Fri, 21 Mar 2025 00:00:00 +0530 Fri, 18 Apr 2025 08:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769068 ITAT Nagpur ruled in favor of the assessee regarding addition under section 56(2)(vii)(b) for difference between market value and deed value as "Income from Other Sources." The tribunal held that AO cannot invoke section 56(2)(vii)(b)(ii) provisions when sub-clause (ii) was not available in the statute on the agreement date. Following precedent in Sri Anala Anjibabu case, the tribunal found no evidence of extra consideration paid beyond the sale agreement. CIT(A)'s deletion of addition was upheld. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769068