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2015 (8) TMI 116 - AT - Income TaxAddition as long term capital gain on sale of his share in the property - AO based his conclusion on the plea that one of the co-owners have sold his shares in the said land for a higher consideration, as compared to the consideration shown by assessee - Held that:- We found that without making any independent enquiry from the market, the AO has assumed that assessee has received the same amount of sale consideration as was received by other co-owners. No cogent material was brought on record to substantiate its stand by the AO, nor the CIT(A) to the effect that assessee has actually received sale consideration more than what has been mentioned in the sale deed. In the interest of justice and fairplay, we restore this ground back to the file of AO with a direction to the AO to make enquiry so as to find out any sale consideration received by the assessee in excess of sale consideration mentioned in the sale deed. It is pertinent to mention here that as per contention of ld. AR the sale consideration received by the assessee as per the sale deed was more than the registration value determined by the sub-registrar, therefore, it is more important to bring cogent material on record for arriving at a definite conclusion with regard to the excess amount received on sale which has not been recorded in the books of account - Decided in favour of assessee for statistical purposes.
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