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2010 (1) TMI 731 - HC - Income TaxIncome from unexplained sources - Sale consideration - CIT(A) observed that value adopted or assessed by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building cannot be taken as sale consideration received for the purpose of s. 48 of the Act. - Held that:- the view taken by the Tribunal while accepting the order of the CIT(A) does not suffer from any legal infirmity. Reference to valuation officer - revenue contended that Tribunal should have asked the AO to make a reference to the Valuation Officer under s. 142A - Held that:- CIT(A) had sent the evidence produced by the assessee to the AO for his comments. He conducted an inquiry and asked the assessee-respondent to produce original bank statement. Then he sent a reply to the CIT(A) authenticating the whole transactions. Thereafter the CIT(A) and the Tribunal have accepted sale consideration depicted in sale deed as fact. - Decided in favor of assessee.
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