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2021 (5) TMI 17 - AT - Income TaxCapital gain - Additions made u/s 50C - as during that period there was only one purchase and one sale of land and the AO has rightly treated the land transaction liable for capital gain - CIT-A deleted the addition - HELD THAT:- Commissioner (Appeals) deleted the entire addition by taking view that the assessing officer has not given any finding or conducted any independent inquiries that the land sold by assessee can be equated on the same rates. It was also held that no physical inspection has been done; no finding on location of the land, size of the plot has been given. If this land is adjoining to the assessee’s land, which could be one of the bases for comparing the rates, has also not been carried out by the assessing officer. The composition of two pieces of land being located in the same area which may be spreading in several kilometer is an absolutely absurd and fallacies comparison. It was further held that by no stretch of imagination, without making any sport physical verification, two piece of land can be compared to work out the fair market value. The assessing officer has simply borrowed the finding of CIT(A)-IV, Surat, without seeing its relevance or reference and applied the fair market value on the assessee’s land. No addition under section 50C can be made in absence of any evidence. In our view the ld. Commissioner (Appeals) has passed a reasoned and detailed order after considering all the facts, which we affirm. - Decided against revenue.
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