DINKAR BHANUDAS NARKHEDE,DHARANGAON vs. ITO WARD-2, KHAMGAON

ITA 624/NAG/2025Status: DisposedITAT Nagpur10 March 2026AY 2018-19Bench: DR.MANISH BORAD (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that a portion of the land was acquired by NHAI and the DVO's valuation for the remaining 0.87 hectare land was Rs. 95,12,100/-, which was less than the purchase consideration. Therefore, there was no justification for invoking Section 56(2)(x).

What were the facts?

The assessee purchased agricultural land for Rs. 96,01,111/-. The stamp duty value was Rs. 1,30,00,000/-. The Assessing Officer invoked Section 56(2)(x) and made an addition of Rs. 33,98,889/-.

What were the issues?

Whether the addition made by the Assessing Officer under Section 56(2)(x) for the difference between the stamp duty value and purchase consideration of agricultural land is justified.

Which sections of the Income-tax Act were involved?

Section 56(2)(x),Section 143(3),Section 143(3A),Section 143(3B)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: DR.MANISH BORAD

For Appellant: Shri Rachit Thakar
For Respondent: Shri Surjit Kumar Saha
Hearing: 09.03.2026Pronounced: 10.03.2026

The captioned appeal at the instance of assessee pertaining to A.Y. 2018-19 is directed against the order dated 25.08.2025 framed by National Faceless Appeal Centre, Delhi arising out of Assessment Order dated 05.04.2021 passed u/s. 143(3) r.w.s.143(3A) & 143(3B) of the Income Tax Act, 1961 (in short ‘the Act’).

2.

The only grievance of the assessee is against the addition of Rs.4,90,889/- sustained by ld.CIT(A) u/s.56(2)(x) of the Act.

3.

I have heard the rival contentions and perused the record placed before me. Assessee is an individual and declared income of Rs.8,41,720/- in the income tax return for A.Y. 2018-19 furnished on 24.09.2018. Case selec

The order continues below.

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