Provisions of sec. 56(2)(vii) not applicable in case assets held as stock-in-trade: ITAT

INCOME TAX: Provisions of section 56(2)(vii) have application to 'property' which is in nature of a capital asset of recipient and, thus, where assessee purchased a piece of land as stock-in-trade, impugned addition made by AO in respect of said transaction by invoking provisions of section 56(2)(vii)(b)(ii), was to be set aside

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