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2013 (8) TMI 625 - AT - Income TaxValuation u/s 50C - A.O. rejected valuation done by Govt. valuer - Held that:- valuation is done by the government approved valuer - valuation done by the government approved valuer cannot be brushed aside, as it has been done by a qualified person - Following decisions of ITO vs United Marine Academy [2011 (4) TMI 15 - ITAT MUMBAI], Mrs. Sosamma Paulose vs JCIT [2003 (2) TMI 161 - ITAT COCHIN] and CIT vs Raman Kumar Suri [2012 (12) TMI 421 - BOMBAY HIGH COURT] - Decided in favour of assessee. Disallowance u/s 14A - Expenditure to earn the exempt incomes - Held that:- assessee was holding on to old investment in shares in which hardly one dividend is received in a year on which no expenditure was incurred - It is quite incomprehensible income claimed to be exempt is huge amount in dividends, and receiving the same in one dividend warrant is improbable - Assessee's grievance not clear - Decided against assessee.
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