TMI Blog2012 (9) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... 89-90 - Revenue contended non-furnishing of evidence by assessee in support of same - Held that:- Assessee merely referred to certain pages of the diary, which cannot be construed as credible and reliable evidence. The submission made by the assessee is not plausible and in the absence of cogent and corroborative evidences, the same cannot be accepted. Needless to say that the onus to prove the incurring of expenditure, on renovation squarely lies on the assessee and the assessee has miserably failed, to prove the factum of incurring of the expenses - Decided against assessee Addition u/s 68 - Cash deposits in bank accounts - Held that:- From records it is evident that deposit has been made from the withdrawals made from the banks. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.36/- sq. ft as against the rate of Rs.22/- per Sq. ft. adopted by the A.O. for computing Long term Capital Gain on sale of the said property. 3. The appellant craves leave to add or amend any one or more of the ground of appeal as stated as and when need for doing so arises with the prior permission of the Hon'ble Bench. 3. In the first ground of appeal the assessee appellant contended that the CIT(A), erred on facts and in law in estimating fair market value of land, as on 01/04/1981, at Rs.36/- per sq. ft. instead of Rs.50/- per sq. ft. as disclosed. In the course of present appellate proceedings before us, the assessee also contended that the rates adopted by the assessee are based on the report of the registered valuer and a comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee authorities adding one-half of the difference between the amount paid and the value for purposes of stamp duty to the income of the assessee was liable to be quashed and the matter remitted to the Income-tax Officer for redetermination of the actual consideration. 4. The learned D.R. placed reliance on the assessment order and on the decision, in the case reported in. 5. We have carefully perused rival submissions, facts of the case and the relevant records, including the case laws relied upon by the parties. A bare perusal of the assessment order dated 27/11/2009, passed u/s 143(3) of the Act reveals that the Assessing Officer had adopted DM Circle Rate vis-a-vis the rate disclosed by the assessee, on the basis of valuation report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cordingly, ground No. 1 of assessee‟s appeal is allowed. 7. It is pertinent to mention here that the Revenue has raised similar contention, in ground No. 2 against the adoption of rate at Rs.36/- per sq. ft. as against the rate of Rs.22/- per sq. ft. adopted by the Assessing Officer. In view of the finding above, this ground of Revenue‟s appeal is dismissed. 8. In ground No. 2 of its appeal, the assessee has contended that the CIT(A) has erred on facts and in law in not considering the cost of improvement, in building, in assessment year 1988-89 and 89-90. The learned A. R. referred to pages 46 and 47 of the diary, to support his contention that the renovation was carried out, in the said building and, hence, such expenses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in the case of CIT vs. P. Mohankala [2007] 291 ITR 278. He referred to para 4 of the CIT(A)‟s order and contended that the order of CIT(A), is perverse, as no reasons are recorded by him. 12. Learned A.R. on the other hand supported the order of CIT(A), and demonstrated by way of cash flow statement and bank account, as available, in the paper book that the money has been withdrawn from the bank. 13. We have carefully perused rival submissions, facts of the case and the relevant pages of the paper book as cited by learned A.R. and the case laws relied upon. The Hon'ble Supreme Court has held the expression assessee offers no explanation means the assessee offers no proper, reasonable and acceptable explanation as regards ..... X X X X Extracts X X X X X X X X Extracts X X X X
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