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Section 56(2)(vii)3 Section 1482 Section 562

BHAVESH SURESH SEJPAL,AKOT vs. ITO WARD-3, AKOLA

In the result, appeal by the assessee stands allowed

ITA 467/NAG/2024[2014-15]Status: DisposedITAT Nagpur21 Mar 2025AY 2014-15

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

For Appellant: Shri Naresh JakhotiaFor Respondent: Shri Abhay Y. Marathe

Section 147Section 148Section 44ASection 50Section 56Section 56(2)(vii)

section 56(2)(vii)(b) of the Act, the assessee filed appeal before the first appellate authority. 5. The learned CIT(A) dismissed the appeal of the assessee by holding as under:– “5.2. On being informed by the ITO (I & CI)-5, Nagpur, that the assessee has purchased a flat by payment of consideration of Rs. 25,92,000/-, whereas