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Ground of appeal raised by the assessee is the Ld CIT (A) has erred in law and on facts in confirming the addition of Rs. 303,596/- on account of addition u/s 56(2)(vii)(b) made by AO ignoring the fact and law that the property acquired by the assessee was not a capital asset.

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Section 56 of the Income-tax Act, 1961—Income from other sources—Where the assessee has objected to the stamp duty valuation, as per the provisions of section 50C(2) which are equally relevant for the purpose of provisions of section 56(2)(vii)(b)(ii) , the matter should have been referred by the Assessing Officer to the DVO for determination of fair market value. therefore, where it is so determined by the Assessing officer that the agricultural land so acquired falls in the definition of capital asset, he has to refer the matter to DVO to further determine the fair market value of the two plots of agricultural land and thereafter, decide the matter afresh - PREM CHAND JAIN V/s ACIT - [2020] 183 ITD 372 (ITAT-JAIPUR)