2020 (12) TMI 1146

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....ision of ld. CIT(A) in confirming the order of the A.O. in making an addition of Rs. 21,25,789/- being long term capital gain arising on the sale of land u/s. 50C of the act. 3. The fact in brief is that assessment u/s. 143(3) r.w.s. 153B(1)(b) of the Income Tax was finalized on 27th March, 2014. During the course of assessment, the Assessing Officer noticed that assessee has sold agricultural land situated at village Dehgam for Rs. 38 lacs to Shri Chimanlal Archanbhai and others on 9th March, 2012 and the assessee has claimed short term capital loss for Rs. 4,13,736. On examination of the detail furnished by the assessee, the Assessing Officer has noticed that on the basis of stamp duty paid the sale price of the sold land comes to Rs. ....

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....sing Officer has made addition to the total income of the assessee of Rs. 21,25,789/- being a long term capital gain on the sale of the said land. 4. Aggrieved assessee has filed appeal before the ld. CIT(A). The ld. CIT(A) has dismissed the appeal of the assessee. 5. Heard both the sides and perused the material on record. During the course of assessment, the Assessing Officer noticed that assessee has sold agricultural land on 9th March, 2012 and assessee has shown sale consideration at Rs. 38 lacs. However on the basis of stamp duty paid the Assessing Officer has valued the deemed sale consideration at Rs. 83,37,000/-. The Assessing Officer has also noticed that said land was situated within two kilometer from the local limit of mu....

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.... on O1.O7.2008. The document value, was 36.50 lacs and the stamp duty has been paid by an amount of Rs. 1.79 lacs. The total is Rs. 38.29 lacs. The cost of my share is Rs. 25,65,430. At the time of purchase of this land, Mr. Nayan Amin had stated to provide approach road from the main' road to the said land and had taken the responsibility for removing/ transferring of page who was living on said land from last several years. On the said understanding we had purchased the land. After purchasing the said land, we had repeatedly requested to Mr. Nayan Amin to provide the approach road and compel Mr. Pagi to vacate the possession on the land. Mr. Amin was making efforts to fulfill his commitments but in the meantime, he expired and his fam....

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....rice on the basis of stamp duty paid which is not applicable in our case as the land was under dispute and litigation. The stamp duty has been paid to get the documents registered as per the buyer was interested to get immediate registration. Therefore, by considering the facts, kindly do not take any advance view. If you require any further information, kindly inform us before taking any adverse view." It is observed that the Assessing Officer has not specifically controverted the various legal issues raised by the assessee in the aforesaid submission in his finding. The ld. CIT(A) has dismissed the appeal of the assessee stating that there was no categorical request made by the assessee before the Assessing Officer that the valuation m....