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2019 (6) TMI 1693 - AT - Income TaxShort Term Capital Gains computation - sale of agricultural land - deduction paid towards cancellation of Banakhat - HELD THAT:- All the parties have disclosed such compensation in their income tax return and have paid the due taxes on such compensation amount. This fact can be verified from the returns of income of the aforesaid parties - Accordingly, we hold that impugned transaction cannot be said to have made to avoid the tax liability. It is also important to note that the Revenue has accepted the aforesaid compensation paid by the assessee in the case of the co-owner namely Ramji Bhai P Patel in the assessment framed u/s 143(3) of the Act. The copy of the assessment order is placed on record. Thus we hold that once the Revenue has accepted the impugned transaction in the case of the co-owner, the same transaction cannot be disputed/disturbed in the case of another co-owner. We are of the considered view that there cannot be any addition to the total income of the assessee on account of the compensation paid to the parties. Hence, the ground of appeal of the assessee is allowed.
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