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2017 (5) TMI 914 - AT - Income TaxAddition of long term capital gains - sale of shares - can full value consideration on sale of shares be substituted by the fair market value of the shares as on date of sale? - Held that:- In the instant case, the Assessing Officer has not been able to point out whether the assessee received any amount more than the consideration shown in the return of income or any amount accrued more than such consideration shown in the return of income. In such circumstances we hold that the full value consideration received by the assessee and shown in the return of income for computing the capital gain, cannot be replaced by the fair market value of shares computed by the Assessing Officer. As a result, we set aside the order of the Ld. CIT-A on the issue in dispute and direct the Assessing Officer to re-compute the capital gain on the basis of sale consideration declared by the assessee in the return of income. The ground of appeal is accordingly allowed in favour of assessee Disallowance of @20% of repairs, telephone expenses and depreciation on car etc. - addition on the ground that personal expenditure could not be ruled out - Held that:- Before the Ld. CIT-A the assessee failed to substantiate its claim that expenses incurred were wholly and exclusively for the purpose of business. The Ld. CIT-A observed that the assessee had not claimed to have maintained details of phone calls made and log book of the cars and in view of those facts personal use could not be ruled out. In our opinion, the finding of the Ld. CIT-A on the issue in dispute is well reasoned and no interference on our part is required. Accordingly we uphold the finding of the Ld. CIT-A on the issue in dispute. - Decided against assessee.
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