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2012 (9) TMI 315 - AT - Income TaxLong term capital gain - dispute regarding computation of fair market value (fmv)as on 01.04.1981 - assessee contending rate of Rs.50/- per sq. ft against Rs.36/- per sq. ft adopted by Revenue - Held that:- Adoption of the rate by the AO and subsequent reduction of the same by the CIT(A), cannot be sustained, in view of the relevant documentary evidence filed by the assessee in the form of report from the registered valuer and a comparable case. Therefore, impugned rate shown by the assessee is founded, on relevant documentary evidence - Decided in favor of assessee Non-consideration of cost of improvement in building in AY 88-89 and 89-90 - Revenue contended non-furnishing of evidence by assessee in support of same - Held that:- Assessee merely referred to certain pages of the diary, which cannot be construed as credible and reliable evidence. The submission made by the assessee is not plausible and in the absence of cogent and corroborative evidences, the same cannot be accepted. Needless to say that the onus to prove the incurring of expenditure, on renovation squarely lies on the assessee and the assessee has miserably failed, to prove the factum of incurring of the expenses - Decided against assessee Addition u/s 68 - Cash deposits in bank accounts - Held that:- From records it is evident that deposit has been made from the withdrawals made from the banks. Therefore, CIT(A) rightly deleted the addition made on this ground - Decided in favor of assessee.
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