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2012 (9) TMI 184 - AT - Income TaxStamp duty valuation u/s 50C - capital assets versus stock in trade - suppressed sales - held that:- assessees had shown the sale value of flats/shops which is lower by more than 25% of the stamp duty value. - Although it is also possible that in some cases the market value may be lower than the stamp duty value but in case of steep fall with respect to stamp duty value, the assessee is required to explain properly the lower sale value. The matter requires fresh examination for arriving at a fair conclusion in the matter, it is correct to set aside the order of the CIT(A) and restore the issue to the file of the AO for passing fresh orders after necessary inquiry. Disallowance of 50% interest claim - Held that:- As the assessee could not give any evidence to show nexus between the borrowed funds and the corresponding investments in such circumstances, the entire interest could be disallowed. However, the AO has been reasonable and made the disallowance only @ 50%, therefore, no infirmity in the order of the CIT(A) while confirming the disallowance and the same is, therefore, upheld - against assessee. Rectification petition filed u/s 154 - addition of Rs.25 lakhs on account of understatement of sales - Held that:- As the order of the CIT(A) has been set aside and restored the issue relating to the addition of Rs.25 lakhs to the file of the AO for passing afresh orders after necessary examination the appeals filed by the assessee in relation to rectification orders have became infructuous - against assessee.
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