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2022 (8) TMI 941 - AT - Income TaxCapital gain - main contention of the assessee is that the assessee has not received any sale consideration, therefore, capital gains does not arise - contention of the revenue is that the statement was recorded u/s 131 and the assessee has confirmed that the assessee along with 8 others executed the sale deed and received his share of sale consideration through cheques - HELD THAT:- Since the property was registered from the seller to the buyer and the landlord registered the sale transaction as completed, it gives rise to capital gains as defined u/s 2(47) of the Act and attracts short term capital gains u/s 45 of the Act. On this aspect, the assessee has not filed any evidence to establish that the buyer did not present the cheques in the bank due to some personal reasons. Assessee has not substantiated his case except orally pleaded before the AO, CIT(A) and even before us and has not filed any document. Inspite of receipt of notice the assessee did not appear before the ITAT to substantiate his case with proper evidence. In the absence of such evidence, we do not find any infirmity in the orders passed by the lower authorities. Therefore, we uphold the order passed by the CIT(A) and dismiss the grounds raised by the assessee.
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