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2014 (3) TMI 153 - HC - Income TaxAmount to be taken as LTCG - Whether the ITAT has erred in confirming the order of CIT(A) directing the Assessing Officer to adopt the amount of Long Term Capital gain by adopting the sale consideration as per registered Sale Deed – Held that:- CIT(A) has given a clear finding that the MOU and no other document can be a basis for the conclusion reached by the Assessing Officer and on the basis of these documents, a presumption cannot be raised about receiving the cash by the assessee - no specific evidence is referred to by the Assessing Officer about the allegation that assessee has been paid any amount in excess of the price of Rs. 7.36 crores as per the documents - the price has been accepted by the stamp duty authority and it is not disputed by the authority – thus, there was no infirmity in the order of the CIT(A). The entire issue is based on evidence on record, duly considered by CIT (A) as well as the Tribunal to come to a concurrent factual finding - MOU did reflect the sale price of Rs. 14.71 Crores, nevertheless, the agreement to sale as well as the sale deed recorded the sale consideration of Rs. 7.35 Crorse - There was no material to suggest that any sale consideration in excess of the said amount was actually paid - the CIT (A) as well as the Tribunal both have considered the development and limited use of land to the purchaser - Fifty per cent of the land was likely to be reserved - The AO did not have any other evidence barring the MOU to controvert such evidence - CIT (A) as well as the Tribunal relied on the valuation report of the registered valuer - Without any further evidence, the Assessing Officer could not have substituted such amount - Decided against Revenue.
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