2026 (3) TMI 703

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.... For the Revenue : Shri Rajesh Kumar Dhanesta, Sr. DR ORDER PER SANJAY AWASTHI, ACCOUNTANT MEMBER: 1. The appeal arises from order u/s 250 of the Income Tax Act, 1961 (hereafter as "the Act"), dated 25.08.2025, passed by Ld. CIT(A)-NFAC. In this case, the assessee is seen to have purchase land at Rs.74,09,555/- even when the circle rate was Rs.1,32,18,000/-. The Ld. AO brought the diffe....

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....652/Chny/2022) order dated 29.11.2023 in which the following has been recorded in para 5 as under: - "Therefore, applying purposive construction to the facts of the present case, the property is deemed to have been acquired by the firm only and not by individual partners. This being so, the provisions of Sec. 56(2)(vii)(b)(ii) could not be pressed into service since these provisions do no....