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2015 (3) TMI 606 - ITAT JAIPURComputation of Long term capital gain - dis-allowance of expenditure u/s 48 which was found as unexplained u/s 69C - assessee contends that once section 50C is to be held applicable and the asset and sale thereof is held to be long term capital gains, the provision of section 48 will be automatically applicable - deduction of cost of improvements - Held that:- the assessee is blowing hot and cold, in 1992-93 he has not shown cost of acquisition/purchase value of the alleged property in other years no direct evidence has been given except relying on some mischievous entries sometimes in balance sheet or in capital gain. It is difficult to believe that this clever assessee will dare to show cost of improvement in books qua the property whose cost is not shown in the earlier books. Thus the assessee's contentions lack any type of sincerity or corroboration worth appealing to logic. We do not see any infirmity in the order of the ld. CIT(A) in invoking the overriding proviso to sec. 69C. As per assessee's own acceptance in A.Y. 1992-93, no cost of acquisition was disclosed in his books of accounts, therefore by deeming provisions of sec 69C the same is deemed to be unexplained expenditure of the assessee on which proviso to sec 69C of the Act has overriding effect. Assessee audacious claim may be right that nothing can be brought to tax as assessments for those years are now time barred, but the proviso expressly debars allowance of any benefit in this behalf. Having accepted this proposition, the ld. CIT(A)'s order deserves to be upheld as the benefits of such unrecorded expenditure cannot be claimed by the assessee in any year by this overriding proviso. As already mentioned apropos alternate contention of allowing the amount of ₹ 77,726/- and ₹ 39,400/-, we have already rejected the assessee's claim being without any basis and it digress from the issue. Sec. 4 of THE BENAMI TRANSACTIONS (PROHIBITION) ACT, 1988 was introduced as an overriding law as mentioned in sec. 3 to curb the pernicious practices of Benami Transaction and denying the benefits of enjoyment of Benami property to real owner. Sec. 4(1) clearly forbids any claim or action from real owner in respect of any Benami property. Thus assessee's claim for benefits u/s 48 are also denied by this specific and overriding law which is fully applicable to this case. Consequently the order of Ld. CIT(A) is upheld in toto. - Decided against assessee.
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