https://www.taxtmi.com/caselaws?id=468707 Rural agricultural land excluded from the definition of capital asset under section 2(14) does not attract section 56(2)(vii)(b) on the basis of stamp duty valuation difference. The land was described as agricultural in the sale deed and was shown to be situated beyond municipal limits, so it retained its character as agricultural land. Since the provision applies only to property falling within the statutory capital asset definition, the addition made merely because the stamp valuation exceeded the declared purchase price was not sustainable. The assessee succeeded on this issue. en-us Tue, 22 Mar 2022 00:00:00 +0530 Mon, 18 May 2026 18:10:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468707 Rural agricultural land excluded from the definition of capital asset under section 2(14) does not attract section 56(2)(vii)(b) on the basis of stamp duty valuation difference. The land was described as agricultural in the sale deed and was shown to be situated beyond municipal limits, so it retained its character as agricultural land. Since the provision applies only to property falling within the statutory capital asset definition, the addition made merely because the stamp valuation exceeded the declared purchase price was not sustainable. The assessee succeeded on this issue. Case-Laws Income Tax Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468707