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2013 (10) TMI 427 - HC - Income TaxGenuineness of sale consideration declared for computation of capital gains - Respondent-assessee, owner of a lease hold land allotted by the Delhi Development Authority, had entered into an agreement on 14.10.1996 with M/s Devika Builders Pvt. Ltd. for construction of a building. The builder was to construct the building at their own cost and on completion 50% of the building was to be handed over to the respondent assessee. M/s.Devika Builders Pvt. Ltd. had also paid Rs.30 lacs to the assessee – Held that:- M/s. Devika Builders Pvt. Ltd., they had spent Rs.2,78,60,136/- on construction of the building as on 31st March, 2002 - 50% share was Rs.1,39,30,068/- - Figure given in the books of account was the most authentic figure as that was the actual amount which was spent on construction. No discrepancies were found in the books of accounts of M/s. Devika Builders Pvt. Ltd. Valuation report per se have an element of discretion and are a matter of opinion. To this figure of Rs.1,39,31,000/-, an amount of Rs.30,00,000/- paid to the respondent-assessee by M/s. Devika Builders Pvt. Ltd. was added. Thus, the sale consideration received on transfer was computed at Rs.1,69,31,000/ - - Decided against the Revenue.
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