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2018 (7) TMI 45 - AT - Income TaxLong term capital gain on the sale of a plot of land rejected - no evidences of the purchase and the sale of the land hence addition u/s 68 - Held that:- The assessee in this case has failed to prove that, the long term capital gain disclosed in the return of income during this year, is nothing but the long term capital gain that arose to the assessee on the sale of a plot of land at Jaipur during the financial year 2006-07 relevant to assessment year 2007-08. Coming to the plea that the addition cannot be made u/s 68 as this amount entered into books of accounts, the receipt in question is taxable as undisclosed income as pleaded by the ld. DR. It is well settled principle of law that mentioning of a wrong provision or non-mentioning of provision does not invalidate the addition. See case of “Action for Welfare and Awakening Rural Environment vs. DCIT [2003 (3) TMI 49 - ANDHRA PRADESH HIGH COURT]. In this case all that the AO did, was to hold that this receipt cannot be taxed under the head “Capital Gains” but was to be taxed under the head other sources as unexplained income. The assessee had claimed that it had received an amount of ₹ 7,50,000/- on sale of capital asset and thereafter could not substantiate the same. - Decided against assessee.
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