Difference between Circle Rate and actual amount paid for Purchase of Land: ITAT upholds addition made u/s 56(2)(vii)(b) of Income Tax Act

By Aparna. M - On November 2, 2023 6:30 pm - 2 mins read

Difference - Circle Rate - actual amount- paid - Purchase of Land-ITAT upholds - Income Tax Act-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Delhi bench, upheld the addition made under Section 56(2)(vii)(b) of the Income Tax Act, 1961, towards the difference between the circle rate and the actual amount paid for the purchase of land. The assessee, Anwar Hussain Khan, filed its return of income for the assessment year 2014-15. Thereafter, during…

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