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2015 (11) TMI 935 - AT - Income TaxAdditions of unaccounted investment u/s.69B - unaccounted and undisclosed capital gains - CIT(A) deleted the addition - Held that:- There is no dispute about the factual position that the Assessing Officer revised purchase and sale prices of assessee’s lands in respect to his transactions executed in the relevant previous year by treating SUDA auction prices of developed land and State Government’s revised jantri prices applicable from 01.04.2008. There is no quarrel that these jantri prices are not retrospectively applicable. Nor there is any case made out at Revenue’s behest disputing that assessee’s purchase price @ ₹ 473/- is almost 4.5 times more than the jantri rate and sale price is almost 10 times thereto (supra). It has come on record that the assessee has produced 16 sale instances from December 2004 to March 2008 wherein open agricultural plots in Vesu area itself had been sold in the range of ₹ 46 to 202/- per sq. mtr. Similar position appears in case of 34 sale instances including four transactions from January to March 2008 stating prices less than ₹ 1100/- per sq. mtr. The Revenue fails to rebut correctness thereof. Therefore, we infer in these facts that neither the assessee understated his purchase price nor sale rate of the respective lands situated in the Vesu locality at Surat. The Revenue’s endeavor seeks reliance upon auction prices of SUDA’s developed plots. Apples are sought to be compared with oranges in other words. We do not agree to this argument as it is an admitted fact that neither the land purchased nor sold happens to be a developed property. The Revenue’s arguments accordingly fail. Once we have rejected its twin arguments on the basis of SUDA rate and appropriate adjustment in revised jantri prices in applying the same with retrospective effect, assessee’s other arguments in the nature of legal pleas qua application of Section 69B, Section 50C and Section 55A have been rendered infructuous. Decided against revenue
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