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2018 (1) TMI 1560 - AT - Income TaxCapital gain computation - Value of sale consideration by the value adopted by Stamp Valuation Authority - entitlement for indexation cost - HELD THAT:- The assessee was asked to produce the sale-deed for land shown in fixed asset for the purpose of computing capital gain. The assessee not provided copy of sale-deed for sale of land and factory building at Taloja or any other evidence, the AO made the addition of ₹ 5 Crore in the income of assessee on estimate basis. CIT(A) after considering the contention of assessee observed that the profit of sale of land shall be taken as LTCG and the assessee shall be entitled for indexation cost and directed the AO to adopt the value adopted by Stamp Valuation Authority and verified the fact regarding the period of lease. Before us, the assessee has neither filed any documentary evidence nor explained the fact. Thus, we do not find any illegality or infirmity in the order passed by ld. CIT(A). Hence, ground no.1 of the appeal is dismissed. Disallowance of bad-debt - HELD THAT:- No details of debts were provided by the assessee, thus claimed was disallowed. The ld. CIT(A) also observed while confirming the action of the AO, that no details of bad-debt was made available nor any prima facie justification was given. Even before us, the assessee has neither given any explanation nor filed any detailed about the bad-debts. None come forward on behalf of assessee to explain the fact about the bad-debt and the treatment given in the books of account. Thus, we do not find any illegality or infirmity in the order passed by ld. CIT(A). Thus, ground no.2 of the appeal is also dismissed.
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