section 56(2)(vii)(b) is not applicable on purchase of goods for sale. Section 56(2)(vii)(b) covers transactions value is less than than Rs. 50000 or more with Fair Market Value. These transactions occurs on or after first day of October, 2009 but before first day of April, 2017
On Apr 5, 2019 PUNE TRIBUNAL hold that where the assessee had purchased agricultural land which was its stock in trade and on its sale the receipts were recognized and accepted as business income, then there is no question of attracting the…
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