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2016 (4) TMI 1334 - ITAT MUMBAILong Term Capital Gain (LTCG) arising out of transfer of residuary right in the land - determining the value of consideration arising out of transfer of capital asset - Held that:- We have seen the conveyance deed dated 30.12.2007 executed by assessee in favour of the purchaser which is available in the form of Paper Book. The said conveyance deed is duly witnessed by mother of assessee i.e. Smt. Vimlaben Dwarkadas Sanghvi. The receipt of consideration executed by assessee is for ₹ 7.00 Crores. No documentary evidence was filed by the assessee which may prove the fact that mother of assessee has offered the amount of ₹ 75,00,000/- to tax. The assessee has executed the sale documents as absolute owner and further executed the receipt of ₹ 7.00 Crores as sale consideration. By executing the receipt of consideration of ₹ 7.00 Crores, the assessee acknowledged the consideration/sale price. We have seen that the said facts were considered and discussed by the CIT(A) in his order. The order of CIT(A) is reasoned one and does not require any interference at our end. - decided against assessee.
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