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2022 (8) TMI 775 - AT - Income TaxLong term capital gain computation - Fair market value as on 1.4.81 - Evidence / Poof of cost of improvement incurred after 1.4.1981 - assessee adopted the cost of acquisition of land and building as per valuation determined by the registered valuer - HELD THAT:- On perusal of the affidavit, it is not known as to what kind of improvement has been carried out by the brother of the assessee. No particulars whatsoever is available on record in this regard. While it is the claim of the assessee that the improvement has taken place immediately after the cut of date for adoption of fair market value of cost of acquisition as on 01.04.1981, it is equally plausible that such cost, if any, has been incurred prior to the cut of date and thus already taken into account for the purposes of fair market value of cost of acquisition of the property in question. The affidavit is vague and non-descript. It is not clear from affidavit as to what is the basis for affirming the contents on oath. Needless to say, an affidavit should clearly spell out how much is the statement to the deponents knowledge and how much is a statement of his belief based on information and source thereof. The grounds of belief must be stated with sufficient particularity to enable the court/administrating authority to judge whether it would be safe to act on deponents ‘belief’. The affidavit filed by the assessee appears to be only a self serving document and no weight can be attached to such standalone paper in the absence of any other material or corroboration about the improvements carried out to support assertions made in this regard. The burden of proof lies on the assessee to produce evidence which is rightly considered unsatisfactory and devoid of any factual basis by the lower authorities. Appeal of the assessee is dismissed.
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