https://www.taxtmi.com/caselaws?id=787948 Whether section 56(2)(vii)(b)(ii) applies to partnership firms was considered and the statutory text confines the provision to individuals and Hindu Undivided Families; applying purposive construction to the class of persons specified, the provision cannot be invoked to tax the difference between circle rate and purchase price in respect of a partnership firm, and the addition under that provision was therefore deleted with the appeal allowed in favour of the assessee; coordinate authority adopting similar reasoning may be followed. en-us Wed, 11 Mar 2026 00:00:00 +0530 Sat, 14 Mar 2026 08:36:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787948 Whether section 56(2)(vii)(b)(ii) applies to partnership firms was considered and the statutory text confines the provision to individuals and Hindu Undivided Families; applying purposive construction to the class of persons specified, the provision cannot be invoked to tax the difference between circle rate and purchase price in respect of a partnership firm, and the addition under that provision was therefore deleted with the appeal allowed in favour of the assessee; coordinate authority adopting similar reasoning may be followed. Case-Laws Income Tax Wed, 11 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787948