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2010 (4) TMI 765 - AT - Income TaxAddition of income - AO did not agree with the assessee and computed the capital gain at Rs. 11,33,690 by taking the fair market value of the land as on 1st April, 1981 @ Rs. 4/ per sq. mtr. against the capital gain declared by the assessee at Rs. 1,45,199 - The learned Authorised Representative before me has vehemently contended that the assessee has computed the capital gain by taking the fair market vahie as on 1st April, 1981 @ Rs. 20 per sq. mtr. while the AO has taken the fair market value @ Rs. 4.108 per sq. mtr - This is apparent from the record that the Inspector has brought out the rate of the agricultural land and not of the commercial land - If the AO did not agree with the land rate as estimated by the assessee, in my opinion the onus is on the AO to bring evidence on record in respect of the comparable land so that the land rate estimated by the assessee can be rejected – It is decided in the favour of assessee Capital loss or business loss - The AO, as is apparent from the finding as reproduced hereinabove, held that the assessee has done speculative business in shares and allowed the said loss as speculation loss, not as short-term capital loss - The learned Departmental Representative, on the other hand, relied on the order of the learned AM and contended that the genuineness of the transaction entered into by the assessee are required to be looked into and for that purpose the matter be restored to the file of the AO – It was held that the matter will now go before the regular Bench for deciding the appeal in accordance with the majority opinion
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