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2016 (11) TMI 1055 - AT - Income TaxCapital gain addition - Addition of suppression of sale proceeds of flat - Held that- Had there been the case where sale price shown was lower than the stamp duty valuation, then the sale price would have been deemed to be the value assessed under the stamp duty valuation in accordance with the section 50C. However, this is not the case here as the assessee’s sale prices are evidenced by “sale agreements” placed in the paper book and is also higher than the FMV assessed. Thus, without any contrary material, we do not find any reason to uphold the reasoning and view taken by the authorities below that sale of the two flats sold subsequently should be taken at the same price on which two flats were sold 20 days earlier. Thus, the addition made by the Assessing Officer on account of short-term-capital-gain of ₹ 3,04,238/- is deleted and sale consideration shown by the assessee as per the sale agreement of the two flats, viz. flat no. 303 and 304 is to be taken as such.
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