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TMI Blog2018 (5) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... come to conclusion that, the sale consideration of the property is ₹ 3,20,000/-. This could not be contradicted by the ld.DR. Hence, we uphold this finding. In our view the ld. CIT(A) rightly deleted the addition u/s. 69 of the Act. Hence, these grounds of the revenue are dismissed. CIT-A justification in directing the AO to consider the assessee’s claim of exemption u/s. 54 - Held that:- We find that the assessee sold land & building bearing new plot No. 2960, new Khata No. 145 measuring an area of 9.96 dcml. ( approx 6 kathas) situated at Kasidih, P.S Sakchi, Jamshedpur to Shri Jai Prakash Singh for a total consideration of ₹ 3,20,00,000/-, which was accepted by the CIT-A. There is no dispute with regard to sale considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments made to Shri Viswanath Prasad Vishwakarma, the assessee herein. The AO found that while computation of long term capital gain the assessee had taken sale consideration of ₹ 3,20,00,000/- in place of ₹ 1,75,00,000/- mentioned in the sale deed dt. 27-07-2012. The AO asked the assessee to explain the actual sale consideration. The assessee explained that he received sale consideration of ₹ 3,20,00,000/- and to reduce stamp value, the purchaser, Shri Jai Prakash Singh shown less sale consideration at ₹ 1,75,00,000/-. To verify this transaction, the AO issued summon u/s. 131 of the Act to purchaser of land, Shri Jai Prakash Singh and his statement was recorded u/s. 131 of the Act, stated that the total sale consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Deduction u/s. 48 (i) Cost of acquisition after indexation Rs.42,60,000/- (ii) Expenditure on transfer ₹ 10,00,000/- Rs.52,60,000/- Balance ₹ 1,33,40,000/- Deduction u/s. 54 (being amount Deposited in Capital Gain a/c) Rs.1,33,40,000/- Taxable Long Term Capital Gain Nil 7. The AO found that the claim of assessee regarding deposit of ₹ 1,34,00,000/- not proved by the assessee. Hence, the AO treated the sale consideration of land of ₹ 1,34,00, 000/- ( &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.00 Money Receipt No. 01 30/03/2012 15.00 02 13/04/2012 24.00 03. 02/05/2012 45.00 04. 02/06/2012 25.00 - 16/06/2012 25.00 TOTAL 145.00 9. It was submitted as per terms conditions of the agreement, the purchaser has paid an amount of ₹ 11 lakhs on the said date of execution and as the purchaser agreed to pay the balance amount of ₹ 3,09,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee declared capital gain of ₹ 95,38,120/- in the revised return of income. The AO found capital gain is under valued capital gain. The AO made addition on account of unexplained cash credit u/s. 69A of the Act. The ld. CIT(A) has on an examination of facts at para 4.3 of his order come to conclusion that, the sale consideration of the property is ₹ 3,20,000/-. This could not be contradicted by the ld.DR. Hence, we uphold this finding. In our view the ld. CIT(A) rightly deleted the addition u/s. 69 of the Act. Hence, these grounds of the revenue are dismissed. 14 Regarding ground no. 3, we find from records, that the assessee filed two fair market value reports before the AO i.e one on his own and another by registered val ..... X X X X Extracts X X X X X X X X Extracts X X X X
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