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2022 (11) TMI 888 - AT - Income TaxLTCG computation - FMV determination - HELD THAT:- SRO has provided Rs. 35 lakhs per acre which can be utilized for the purpose of calculating the stamp duty valuation of the said agricultural lands. However, it cannot be considered as a FMV as on 12/5/2013. Similarly the FMV adopted by the assessee at Rs. 90 lakhs per acre also is on the higher side and there cannot be such huge difference between the FMV adopted by the assessee and the SRO value. AR also failed to provide any basis for adopting Rs. 90 lakhs per acre as market value. Considering the peculiar circumstances, we are of the considered view that the market value can be estimated at Rs. 60 lakhs per acre and accordingly, AO is directed to compute the capital gains for the impugned assessment year. Thus, the grounds no. 2 and 5 raised by the assessee are partly allowed. Deduction u/s. 54B - assessee has claimed deduction U/s. 54B but has failed to produce the evidence carrying of agricultural activities on the said agricultural lands - HELD THAT:- We therefore are in concurrence with the findings of the Ld. CIT(A) as no evidences have been produced even before us. Accordingly, we are of the considered view that there is no infirmity in the order of the Ld.CIT(A) and no interference is required on this issue. Thus, the Ground No.3 raised by the assessee is dismissed. Deduction u/s. 54F - AR argued that the assessee has purchased a residential property and has incurred certain expenditure for renovation - AR also submitted that the proof of expenditure was also provided before the Ld. AO - HELD THAT:- We find from the written submissions and the paper book submitted by the Ld. AR that the assessee has claimed renovation expenses which were mostly though self-made vouchers. No cogent evidences are provided before us or before the Ld. Revenue Authorities. In the absence of any material evidence, we find no infirmity in the order of the Ld. CIT (A) and hence no interference is required on this ground. Thus, this Ground No.4 raised by the assessee is dismissed. Restriction of land development expenses - HELD THAT:- We find that the Ld. CIT(A) has reasonably considered the disallowance of expenses to the extent of 20% of the total expenses in the absence of any cogent evidences such as bills, vouchers etc., not produced by the assessee either before the Ld. Revenue Authorities or before us. We are therefore inclined to uphold the order of the Ld. CIT(A) on this issue. Thus, this ground No.6 raised by the assessee is dismissed.
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