Agricultural Land Sale Exempt from Capital Asset Tax; Some Additions Upheld for Stamp Duty Violations and Cash Payments.

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....Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition for increase in capital account deleted as source explained through sale of agricultural land and current income. Addition u/s 56(2)(ix) for advance received deleted as land held agricultural. No capital gains taxable u/s 45(5A) as project not completed and no completion certificate obtained. Addition u/s 56(2)(x) for stamp duty differential upheld as cash payment violated proviso. Addition u/s 69 for unexplained investment partly deleted due to lack of evidence on cash payment mode. Partial relief granted for cash seized during search by attributing reasonable amount to cas.........