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2013 (10) TMI 164 - GUJARAT HIGH COURTUnexplained expenditure u/s 69C - expenditure of stamp duty paid for registration of property sold - Held that:- order dated 25-09-2001 issued by the Inspector General of Registration, Delhi clearly discloses that the transfer duty @ 5% has to be levied on the transfer deeds of immovable property and also surcharge on stamp duty imposed by the Indian Stamp Act, 1899. The appellant has paid stamp duty of Rs.17,65,000/- and Rs.10,59,000/- was paid in the form of surcharge on stamp duty and it is not the Corporation Tax. As per Clause 5 of the sale deed, till handing over of the Unit, the Vendor has to pay the dues. As per clause 6, all expenditures with regard to execution and registration had to be borne by the Vendee. The contention of the appellant that the sale price is inclusive of registration expenditure and surcharge on stamp duty is totally incorrect. No document has been produced before the Assessing Authority to show that the Stamp Duty and Corporation Tax are inclusive of the sale price as contended by the appellant. All the three authorities concurrently held that the appellant has failed to disclose the expenditure incurred with regard to the Stamp Duty as well as Corporation Tax. Accordingly, income was assessed - Decided against assessee.
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