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2013 (6) TMI 126 - CALCUTTA HIGH COURTDisallowance of deduction on account of fair market value from the business income of the assessee - Held that:- The assessees & his wife may have occupied equal status initially, but the unequality arose from the fact that in the case of her assessment, AO did not realize the infirmity in her computation which was realized by the AO in the case of the assessee and therefore they became unequals. The infirmity pointed out by the AO was not refuted by the assessee by any cogent evidence. Therefore, the assessee cannot claim equal treatment. The fact that the assessee did not take steps to establish by producing or having the books of accounts of the joint venture produced to show that the sum was received without deducting market value of the land leads to the only inference under section 114(g) of the Evidence Act that the account books were not produced in spite of repeated opportunities because, if produced, they would not have supported the contention of the assessee that the sum of Rs.21,98,141/- was received without debiting the market value of the land. Thus it is to be opined that the CIT (Appeal) had no evidence before him to hold that the sum of Rs.21,98,141/- was received by the assessee from the joint venture without deducting the cost of the land, and therefore, the CIT (Appeal) had no jurisdiction to set aside the order of the Assessing Officer. The Tribunal without going into the matter dismissed the appeal relying on the judgment of Kaumudini Narayan Dalal (2000 (12) TMI 101 - SUPREME Court) which had no manner of application to the facts and circumstances of the case. In favour of revenue.
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