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2013 (12) TMI 6 - ITAT MUMBAIShort term capital gain on sale of plot of land - Held that:- The assessee has only sought to exploit the market potential of his land, buying it from one developer and contracting it to another for construction - The only difference is that the consideration for the same, rather than being in cash, is in kind, i.e., a defined share in the area to be constructed - The transaction to be more in the nature of a joint effort to commercially exploit the land, each party agreeing to share the risk and reward from the activity, leveraging its advantage and deploying its resources - No capital gains arising to the assessee during the relevant year - Decided against Revenue. Unsecured loans - Held that:- On oppurtunity being given to assessee - The assessee has only produced confirmations from the said parties and no return of income, bank statement were produced - The assessee has failed to prove the identity, capacity and genuineness of the loans taken and the parties from whom such loans were taken - Decided in favour of Revenue. Gift from elder sister - Held that:- The financial capacity of the donor to gift such a substantial amount of her wealth could not be established - The donor was the resident of Dubai which is a tax-free country - No return of income or any other tax document could be produced in respect of her business - The assessee's explanation as to the nature and source of the credit be considered as not reasonable - Decided in favour of Revenue.
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