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2017 (1) TMI 182 - AT - Income TaxClaim preferred u/s. 54B - appellant assessee had purchased the agriculture lands before sale of agriculture land on which capital gain arised - Held that:- The assessee had sold the agricultural land on 04.11.2010 and as per the provisions of section 54B of the Act, the investment has to be made within period of two years after the date of sale. Since the assessee had purchased the new agricultural land on 16.07.2010 and on 30.09.2010, there is no merit in the claim of assessee for deduction under section 54B of the Act. Another point which was raised by the assessee was that the investment for purchase of new land out of advance received against the sale of agricultural land. First of all, the investment made is in violation of provisions of section 54B of the Act and secondly, despite opportunity being allowed to the assessee, the assessee has not appeared nor filed translated copies of Marathi documents of sale deed nor has furnished any other evidence to prove its case. In view thereof, there is no merit in the claim of assessee and the same is rejected. - Decided against assessee Un-reconciled purchases vis-ā-vis TCS Certificate - Held that:- The assessee had agreed that there was difference in purchase figure and had also accepted adoption of GP addition on the said purchases. However, the assessee offered 10% on the said unreconciled purchases for which, the assessee has not given any basis. The Assessing Officer and CIT(A) have applied the GP rate declared by the assessee to be the basis for computing addition in the hands of assessee vis-āvis un-reconciled purchases. There is no merit in the plea of assessee in the absence of any evidence and in view thereof, the addition is upheld. - Decided against assessee
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