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2014 (1) TMI 1583 - AT - Income TaxWhether the shares transferred were long term capital asset or not - Held that:- The assessee has filed share transfer form and share certificate to proof that the shares were purchased on 25.10.2005 - If the Assessing Officer had any doubts on these documents, he could have carried out further investigation and gathered evidence to disprove the claim of the assessee - He instead accepted the assessee's claim - The bank entries for receipt of consideration shows that the AO was wrong in doubting the transaction - The Assessing Officer could have summoned the purchasers or taken confirmations from them, in case he disbelieved the transfers - The order of CIT(A) upheld. Whether the assessee was owner of a residential house at Gadaipur - Held that:- The property was purchased by the appellant in financial year 1995-96 for Rs.60,000/- and the same was shown as agricultural land in the balance sheet as on 31.3.96 - There is no improvement on this property since it is being shown at the same value till financial year ending on 31.3.2007 - The sale deed shows that the property was a piece of agricultural land - The AO didnot considered the facts correctly - The assessee is not a fractional owner of the property at Gadaipur, and hence eligible for deduction u/s 54 of the Act - Decided against Revenue.
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