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2017 (12) TMI 1626 - AT - Income TaxAssessment u/s 153C - calculation of LTCG - adoption of sale consideration - proof of agreement of sale as seized in search - Held that:- Assessing Officer had framed the assessment mainly stating that the agreement for sale was seized and also placing reliance on the statement recorded u/s 132(4) from Shri Babu John. As mentioned earlier, there is no agreement of sale that was sized nor was the statement of Shri Babu John indicating that the assessee was paid more than the declared value in sale deed. Therefore, we have to conclude the adoption of sale consideration at ₹ 99.90 lakh is not supported by any corroborative evidences / materials. Hence, we direct the Assessing Officer to adopt the sale consideration as disclosed in document No.3424/07 dated 24.04.2008 viz., ₹ 18.30 lakh instead of ₹ 99.90 lakh for the purpose of calculating long term capital gains. It is ordered accordingly.
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