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2014 (6) TMI 932 - ITAT PUNEAllowable expenditure u/s.48(i) - brokerage/commission - that:- When the total capital gain earned by the assessee is ₹ 26.13 crores for the A.Y. 2006-07 to A.Y. 2008-09 and he has duly paid taxes thereon and the capital gain earned by the individual members of the group is ₹ 148.95 crores there was no justification on the part of the assessee to claim such a meagre commission for sale of the land which is hardly 0.5% to 1.5% as against the prevailing market rate of about 2% and above. In this view of the matter we find merit in the submission of the Ld.counsel for the assessee that the payment of brokerage at ₹ 25,96,400/- was an expenditure incurred wholly and exclusively in connection with the transfer of the land which is an allowable expenditure u/s.48(i) of the I.T. Act. We therefore set-aside the order of the CIT(A) and direct the AO to delete the disallowance made. - Decided in favour of assessee Addition on account of unexplained jewellery found during the course of search action at the residential premises of the assessee - Held that:- Admittedly the AO has already given credit for explaining the jewellery belonging to the family members as per the instruction of the CBDT. The assessee could not bring on record anything more to prove that he has purchased the jewellery out of his withdrawals. In absence of the same, we do not find any infirmity in the order of the CIT(A) sustaining the addition - Decided against assessee
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