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Whether on the facts and circumstances of the case and in law, the CIT(A) was justified in deleting the addition of Rs. 3,15,70,809 made by the AO under s. 56(2)(vii)(b)(ii) of the Act without appreciating that during the course of assessment proceedings Authorised Representative of the assessee in his defence only disputed the DLC rate applied by the AO and the plea that the lands were held as business asset was never taken before AO and that the assessee has also shown land/plots as investments and there are no developmental expenses as such debited/claimed in the year.

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Sec. 2(14)(a) & 56(2)(vii) of Income-tax Act, 1961— Income from other sources— When the properties in question are undisputedly shown in the books of account of the assessee as stock-in-trade and part of the closing stock, then the same would not fall in the ambit of the property as defined in Explanation to s. 56(2)(vii) and consequently the provisions of s. 56(2)(vii) will not be applicable in the case of the assessee - ASHOK AGARWAL (HUF) V/s CIT - [2020] 207 TTJ 608 (ITAT-JAIPUR)