2021 (2) TMI 855

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....raised following grounds of appeal:- 1. That the learned CIT(A) erred in maintaining disallowance of brokerage paid of Rs. 3,60,000/-. That the brokerage paid was a genuine expenditure, credit for the same ought to have been allowed. WITHOUT PREJUDICE TO THE ABOVE 2.That the learned CIT(A) erred in maintaining addition of Rs. 14,11,600/- made u/s 50C of the IT Act. That on valuation, the difference between value determined by DVO and assessee was 10.53% only. The addition so made, may very kindly be deleted. 2. The appellant craves leave to add, amend, alter or delete the said grounds of appeal. 3. Brief facts of the case as culled out from the records are that the assessee is a senior citizen deriving income from Long Term Capita....

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....rmation letter before the Ld. A.O. In our view the assessee has duly discharged his onus to prove the genuineness of the expenses. Ld. A.O failed to find any adversities in these evidence nor he made any effort to call the broker. In these given facts and circumstances of the case the action of the Ld. A.O is unjustified, we therefore set aside the finding of Ld. CIT(A) and delete the disallowance of brokerage expenses of Rs. 3,60,000/-. Ground No.1 of the assessee is allowed. 8. As regards Ground No.2 which relates to addition of Rs. 14,11,600/- made u/s 50C of the Act we observe that the assessee sold leased property at Rs. 1,20,00,000/-. Assessee claimed it to be a disputed property. The guideline value of the same was Rs. 1,80,00,000/-....