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2022 (6) TMI 1427 - AT - Income TaxCapital gain computation - fair market value of assessee’s capital asset - HELD THAT:- As we note with the able assistance coming from the Departmental side that this taxpayer had neither transferred any “land nor a building” as specified u/s.50C(1) but only its lease hold rights in the ‘CIDCO’ area. We thus hold that such a leasehold rights are nowhere covered u/s.50C(1) going by specified categories therein as per stricter interpretation recently reiterated in Commissioner of Customs Vs. Dilip Kumar and Co [2018 (7) TMI 1826 - SUPREME COURT] We accordingly reject the Revenue’s instant sole substantive grievance. Unaccounted cash component - Revenue vehemently argued that both the learned authorities have gone by the seized material as clearly indicating cash “paid to Jai Ganesh Co-operative members” - It further invokes the necessary presumption of correctness given to the such seized documents u/s 292C as well - As no substance in Revenue’s forgoing arguments supporting the impugned addition. This is for the precise reason that the alleged seized document itself rebuts the presumption in assessee’s favour once its members only had received the payment who are separately assessable in their individual capacity(ies). We further make it clear that the learned lower authorities have nowhere quoted any other cogent evidence since they have only gone by above seized document. We accordingly accept the assessee’s sole substantive grievance.
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