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2023 (8) TMI 641 - ITAT DELHIReopening of assessment - Undisclosed long term capital gain - AO granting cost of indexation to the assessee and thereafter calculated the long term capital gain on the 50% share of the assessee in the property sold - HELD THAT:- As we in agreement with the contention AO as well as CIT DR that the said excel sheet was containing all details including description of land, sale consideration as per registered sale deed, cash payment of part consideration and amount written in an appropriate form. Assessee is merely taking shelter that the sale consideration mentioned in the sale deed is the only amount which is received by cheque but he has no explanation regarding mentioning of transactions and payment of cash to the purchaser to the sellers including the assessee in cash. At the cost repetition, we may point out during the assessment proceeding the assessee did not appear before the AO and AO passed ex parte order u/s 147/ 144 of the Act on the basis of material available, particularly report of Investigation Wing supported by excel sheet recovered from the Assistant Manager of Accounts Ms. Dadlani of the purchaser entity. In our considered opinion the ld CIT(A) was not correct and right in granting relief to the assessee ignoring the vital self speaking evidence showing cash payment by the purchaser to the seller assessee and his co owner out of which assessee received 50% amount in cash. Accordingly, the AO was right and justified in calculating long term capital gain after allowing index cost of acquisition to the assessee. CIT(A) granted relief to the assessee without any basis therefore, impugned first appellate order is set aside by restoring the assessment order passed u/s 147/144 as well as addition made therein. Accordingly, grounds of revenue are allowed.
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