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2021 (2) TMI 855 - AT - Income TaxDisallowance of brokerage expenses - assessee claimed the brokerage expenses @ 3% paid to broker on the sale consideration received from sale of immoveable property - HELD THAT - On going through the records find that the brokerage was paid through account payee cheque and copy of bank statement is filed. Complete detail of broker including his address mobile number were filed along with confirmation letter before the Ld. A.O. In our view the assessee has duly discharged his onus to prove the genuineness of the expenses. Ld. A.O failed to find any adversities in these evidence nor he made any effort to call the broker. In these given facts and circumstances of the case the action of the Ld. A.O is unjustified we therefore set aside the finding of Ld. CIT(A) and delete the disallowance of brokerage expenses. Addition u/s 50C - difference between the actual sale consideration received and the valuation done by the DVO - HELD THAT - Property being leased and also disputed which is not commanding the guideline rate in the open market and this fact is further supported by the report of DVO who has valued the property in question much lower than the guideline rate are sufficient enough to prove that the claim of assessee having received the sale consideration at Rs. 1.20 crore is correct and thus making the addition for Rs. 14, 11, 600/- u/s 50C of the Act is uncalled for. We therefore set aside the finding of Ld. CIT(A) and delete the addition made by Ld. A.O u/s 50C - Decided in favour of assessee.
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