AdvertisementMubarak Gafur Korabu Vs ITO (ITAT Pune) ITAT Pune: Section 56(2)(vii)(b) Not Applicable to Purchase of Agricultural Land Held as Stock-in-Trade The Pune ITAT held that the provisions of section 56(2)(vii)(b) could not be invoked to tax the difference between the stamp duty value and the actual purchase consideration of agricultural land. The Tribunal noted that the land purchased by the assessee was agricultural land, which is specifically excluded from the definition of “capital asset” under section 2(14) of the Income-tax Act. Further, the land was held as stock-in-trade, reflect...