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2011 (4) TMI 459 - AT - Income TaxAddition - Capital gain - Valuation report - assessee has shown long-term capital loss of Rs. 2,30,000 by taking the fair market value of the property as on 1-4-1981 to be the cost of acquisition for the purpose of computation of capital gains - There is no dispute that the impugned property which was sold by the assessee became the asset of the assessee prior to 1-4-1981 and the assessee has opted fair market value as on 1-4-1981 for the purpose of computation of capital gain - The assessee has relied on the valuation report which he obtained from the registered valuer who is technical person and duly approved by the department - Held that: once the assessee has submitted the necessary evidence by way of valuation report made by the registered valuer, the onus gets shifted on the Assessing Officer to contradict the report of the registered valuer - Held that: the opinion that the revenue has not discharged the onus but merely rejected the fair market value as has been taken by the assessee - Appeals are allowed Regarding addition u/s 68 - The department has failed to bring any evidence on record to belie the cash transactions shown in the cash flow statement submitted by the assessee nor is there any such objection that such cash transactions entered by the assessee are not verifiable from the bank account - Appeal is allowed
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