Tribunal Overturns Tax Additions Due to Misapplied Provisions in Property Sale Transaction for AY 2013-14.

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....The assessee entered into an agreement for sale and made substantial payment for a property in the assessment year (AY) 2013-14. The Assessing Officer (AO) was not convinced with the different versions of sources provided by the assessee for the purchase and made an addition u/s 69 in AY 2014-15. The Commissioner of Income Tax (Appeals) [CIT(A)] rightly decided that the transaction pertained to AY 2013-14 and advised the AO to reopen the assessment for AY 2013-14. However, the advice given by the CIT(A) has only advisory value and cannot be treated as a direction. The CIT(A) erroneously invoked Section 56(2)(vii)(b)(ii), which was amended effective from AY 2014-15, for the transaction pertaining to AY 2013-14. As per the ruling in M. Syamal.........