|QUERY:||Whether the Assessing Officer is justified in making addition of difference between Stamp Duty value and purchase price of agricultural land under section 56(2)(vii) of the Act?|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Income from other sources- Stamp duty v. Purchase price|
This section is opposite of section 50C of the Act. Section 50C is applicable to seller of land or building or both, while this section is applicable to the purchaser of land or building or both.