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2011 (5) TMI 668 - AT - Income TaxAddition on the basis of stamp duty valuation u/s. 50C - assessee sold his land for which sale deed was registered, the value determined by the Stamp Valuation Authority - query by the AO as to why the provisions of section 50C should not be invoked, the assessee replied that the valuation made by the Stamp Valuation Authorities was not binding on the seller as the property has been purchased by purchaser - held that:- not even an iota of evidence finds mention in the impugned orders nor even a whisper has been made in the written submissions filed before us that the assessee sought to invoke provisions of sec. 50C(2) of the Act or even claimed before the AO that the value adopted by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer nor even submitted the said FMV of the property. - Decided against the assessee. Unexplained capital addition - In response to a show cause notice issued on 11-1-08, the assessee did not reply - assessee did not submit any evidence before the AO in respect of credit of Rs. 54588/- in the capital account, assessee neither submitted any evidence nor argued the issue before the ld. CIT(A). Accordingly, the ld. CIT(A) concluded that the assessee did not wish to press this ground. Even before us, though the assessee in his written submissions mentioned that amount has been transferred from treasury office, Government of Gujrat, however, no evidence in support of this statement has been submitted, appeal is dismissed Addition on the basis of long term capital loss - AO rejected the assessee's submission on the ground that the documents showed that the possession had been handed over to the buyer on 16-3-2005, and it also showed that the cheque No.944075 dated 21-2-2005 for a sum of Rs. 4 lacs was issued by the buyer and received by the assessee on 21-2-2005. The acceptance of the seller was also recorded in the sale deed. Therefore, the sale of the property had been concluded in the FY 2004-05 and consequently the indexation adopted by the assessee was not correct. The AO therefore recomputed the LTCL and disallowed the sum of Rs. 13,797 - assessee did not contest the issue before the ld. CIT(A), in the absence of any material so as to take a different view in the matter, appeal is dismissed
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