Section 55A

An individual assessee filed his return of income for AY 2020-21;an immovable property in the nature of   vacant low lying agril land in a panchayat area, was purchased by the assessee at a consideration of Rs.42.00 lakhs in the FY 2019-20;the stamp duty valuation was Rs.1.37 crores. The case was selected in CASS "Limited Category", with notice being issued u/s 143(2).The assessee participated in the assessment proceedings, offering his explanation regarding the anomaly. The assessing officer issued SCN invoking section 56(2)(x) in the hands of the assessee who  vehemently objected to the triggering of  the deeming provisions of section 56(2)(x)…

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