Held that the assessee had not produced details of the assessee’s share of 24.35 per cent. namely the proportionate amount of Rs. 16,17,478 being the difference between the market value and purchase consideration which was being treated as income of the assessee under section 56(2)(vii)(b) of the Act. In the absence of any further details, the disallowance made by the Assessing Officer was to be confirmed.(AY. 2016-17)
Pavan Anil Bakeri v. Dy. CIT (2022) 98 ITR 71 (SN)(Ahd) (Trib)
S. 56 : Income from other sources-Purchase of land for consideration less than value adopted for stamp value-Details not produced-Addition is confirmed. [S. 56(2)(vii)(b)]