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2014 (1) TMI 29 - AT - Income TaxUndisclosed investment - date of sale / transfer - Held that:- no document is available on record to suggest that the physical possession of the property was handed over to the purchaser on 14-12- 2007 at the time of agreement. In the absence of any material evidence, this Tribunal is of the considered opinion that the contention of the ld.counsel for the assessee cannot be accepted. - Decided against the assessee. Determination of cost of purchase - Held that:- The selling rate adopted by the AO was on the basis of the sale agreement, which was also confirmed by assessee, the co-owner of the land and also by one of the purchasers of the land - The basis for adoption of sales rate at Rs.25,000/- per cent is the sale agreement only and not the sworn statement - As per the sworn statement of assessee the selling rate was Rs. 10250/- which was not supported by any corroborative material - The responsibility to prove the purchase consideration lies upon the assessee - The Ld CIT(A) was justified in rejecting the claim of the assessee for enhancing the purchase consideration - Decided against assessee.
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