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2021 (6) TMI 399 - AT - Income TaxCapital gain computation - expenditure incurred for transfer of the property - as per AO set off any capital gains tax liability and to claim capital loss in the return with the sole purpose to evade tax - assessee has deducted as expenditure incurred on such transfer and after claiming indexed cost of acquisition has claimed capital loss - HELD THAT:- Assessee might have received more money for the first and second floor from the buyer who had shown lesser amount of sale consideration to avoid future tax liability. At the same time, the assessee has also enclosed a receipt for ₹ 600/- mentioning the existence of first and second floor. It is also pertinent to mention here that the AO has not called the buyer to find out the truth nor the assessee has produced the buyer for his examination. It is also not understood as to how the valuer has given the report without verifying the existence of the property and has simply valued the property on the basis of submissions made by the assessee. We deem it proper to restore the issue to the file of the AO with a direction to grant one final opportunity to the assessee to substantiate his case by producing the buyer and the registered valuer for their examination by the AO and to arrive at the true character of the property. The AO shall decide the issue - Grounds raised by the assessee are accordingly allowed for statistical purposes.
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