Assessee is\u00a0 engaged in real estate business who\u00a0 purchased a piece of land as its stock-in-trade. AO invoked\u00a0 provisions of S. 56(2)(vii)(b)(ii) adopting full value of sale consideration as adopted by stamp authority. Tribunal held that provisions of S. 56(2)(vii) have application to property which is in nature of a capital asset of recipient and, therefore, same would not apply to stock-in-trade, raw material and consumable stores of any business of such recipient. Accordingly the order of the AO\u00a0 is set aside. (AY. 2015 -16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources-Gift- Property\u2013Purchase of a piece of land as stock-in-trade\u2013Not property\u2013Provision is not applicable- Matter is set aside. [S. 45, 56(2)(vii)(b)(ii)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7036","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Pu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7036"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7036\/revisions"}],"predecessor-version":[{"id":7037,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7036\/revisions\/7037"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}