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2017 (9) TMI 575 - ITAT HYDERABADApportionment of sale consideration among the owners on property jointly sold - Capital gain computation - Adoption of value of sale consideration for the purpose of computing the capital gains in respect of property sold jointly - Held that:- There can be several reasons as to why some of the owners had agreed for the lesser amount of consideration depending upon location of physical shape of the land held by them or the proximity to the main road etc. But, in our considered opinion, this fact has no relevance. Therefore, once the sale consideration stated in the registered Conveyance Deed, it is held to be conclusive proof of the amount of the consideration received in the absence of contrary evidence on the record suggesting higher consideration was received by the assessee. In the light of the decision of the Hon'ble Supreme Court in the case of CIT Vs. Shivakami Co. (P) Ltd., (1986 (3) TMI 2 - SUPREME Court) wherein it was held that in the absence of evidence suggesting that more consideration that what was stated in deed was received, no higher consideration can be adopted for the purpose of capital gains. Further onus always lies on the Revenue to prove the existence of the material from which inference can be drawn that higher consideration was in fact received. In the present case, there was no material to draw interference that higher consideration was received than what was stated in the sale deed. It is not even the case of AO that the provisions of Section 50C are applicable to the facts of the present case. Therefore, the AO was not justified in adopting consideration of ₹ 28,12,500/- as against ₹ 8,33,000/- declared by assessee. Therefore, the Grounds of Appeal raised by assessee are allowed.
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