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2018 (1) TMI 1288 - AT - Income TaxSale of immovable property as Short Term Capital Gain (STCG) instead of Long Term Capital Gain (LTCG) - period of holding - Held that:- CIT(A) was right in disregarding the effect of such discredited possession letter. Thus, the period of holding, in our view, cannot be reckoned either from the date of allotment letter or the date of purported possession as claimed In the similar vain, we do not find any merit in the plea of the assessee for affirmation of possession having regard to rental income shown to be generated on such property. The property was under construction and thus not habitable. Rent was claimed to be received in cash from an unidentifiable user. The entire action of the assessee defies legitimacy of any sort and is clearly devoid of any strength whatsoever. Thus, the period of holding of the asset/property cannot be reckoned from the date of allotment letter or possession letter as claimed. In this view of the matter, we decline to interfere with the conclusion of the CIT(A) that the asset under sale was short term capital asset and consequently profit is liable to be taxed as Short Term Capital Gains only. Unexplained cash credit - Held that:- The whole narrative of receipt of disproportionate cash of such large amount out of the estate of late brother is highly improbable and a sad spectacle of a make believe story devoid of any credence. The cross-examination of legal heirs or otherwise is inconsequential for understanding the legal effect of a void in the absence of WILL or other tangible document. Incidentally, it is also not known as to when the socalled cash was given to the assessee and by whom and before its transfer, it was lying in whose custody. The facts towards credits are not clear at all. Circumstances do not stand to reasons and indicates otherwise to take the transaction out of ambit of section 68. The hawkish narrative given by the assessee was rightly denounced by the revenue authorities. In the absence of any documentary evidences and in view of totally improbable and unsubstantiated circumstances, we are unable to affirmatively appreciate the stand of the assessee on this score. Therefore, we decline to interfere with the orders of the authorities below
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