The Tribunal held that the assessee had not produced details of the assessee’s share, thus, the Assessing Officer added the difference between the market value and purchase consideration 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 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-less than stamp duty value-Not producing details of share-Difference between stamp duty and purchase value rightly added to income. [S. 56 (2)(vii)(b)]