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2013 (2) TMI 575 - GUJARAT HIGH COURTUnexplained investment u/s 69 Assessee purchased the properties through registered sale deeds - Additional stamp duty was imposed upon the assessee as per the rate prescribed by Jantri - Stamp Valuation Authority adopted such valuation as per the Jantri which is notional value for the purpose of determining the stamp duty payable As per AO assessee had paid more consideration as against in sale deeds Held that:- No material is brought on record to prove that the assessee had invested more than what had been shown in the sale deeds The Stamp Valuation Authority, however, valued the lands higher than the sale consideration indicated in the sale-deeds Assessee paid up additional stamp duty on such valuation. This by itself would not mean that the assessee made any unexplained investment - Additional stamp duty paid to avoid litigation and to get clear title of the property Section 50C of the Act would cover the instances of capital gain upon sale of immovable property by the sellers - provisions of section 50C of the IT Act are not applicable in the hands of the purchaser Against the revenue.
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