Assessing Officer added the difference between the purchase price of Agricultural Land and the DLC value as Income from other sources in terms of section 56(2)(vii)(b).

Tribunal held that immovable property being land or building or both should be capital asset for applying S.  56(2)(vii)(b).  The clause (iii) of S. 2(14) specifically excludes agricultural land which are outside 8 km of the municipal limit and are not to be held as a capital asset, the addition made was thus deleted as provisions of section 56(2)(vii)(b) are not applicable.  (AY. 2015-16, 2016-17)