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2017 (10) TMI 1290 - AT - Income TaxAddition on account of long term capital gain - FMV determination - treating the land sold as a capital asset within the meaning of section 2(14)- not allowing the deduction for cost of acquisition Held that:- Following the full bench decision of Hon’ble Punjab and Haryana High Court in case of Thakur Dwara Shri Krishanji Maharaj Handiyaya, Barnala vs. CIT (2014 (6) TMI 14 - PUNJAB & HARYANA HIGH COURT) it is of the considered opinion that the land in question does not fall in the category of the capital asset for which the cost of acquisition is not possible to be ascertained. Accordingly, the cost of acquisition in the hand of the assessee would be the fair market value as on 01.04.1981. Accordingly this issue is decided against the assessee. Capital gain accessibility in the hand of HUF or assessee - admission of additional evidence - Held that:- On careful perusal of the additional evidence proposed to be filed by the assessee. It is noted that all the documents sought to be filed by the assessee are either the copies of the Revenue record showing the status of the land in question in past or a sale deed dated 08.05.2008. Therefore from the very nature of the documents filed by the assessee as additional evidence it is clear that there is no possibility or scope of creating or manipulating with the evidence. Thus the question of creating any evidence or putting up a claim in the nature of afterthought is ruled out. Having admitted the additional ground no. 2 is required to be adjudicated after examination and verification of the evidence filed by the assessee at this stage.
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