Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 383 - AT - Income TaxComputation of LTCG - Deduction from sale consideration - Brokerage fees paid to M/s Megha Developers (MD) – Held that:- The assessee had claimed expenditure with regard to the sale of a plot of a land, that she made payment to MD - though the AO mentions of local inquiry conducted about the property sold and the distance between the two properties i. e. Shiv Mahal and the plot of land, yet he has not disclosed the source of such inquires - the FAA has given a undisputable finding that only one property was sold during the year under appeal - he had access to a map of the land sold - a glance at the sale deed clearly show that the transaction was about a plot of land and about the property called Shiv Mahal - the stand taken by the AO about sale of two properties is totally baseless. The FAA has analysed the issue in proper prospective - Factors like assessee’s stay in Mumbai, on-going litigation about the property, rendering of services at Baroda by MD, were considered by him before allowing the appeal filed by the assessee - MD had rendered various services to the assessee from identifying customers to settling the deal and getting the documents registered - MD is not a related party to the assessee and the genuineness of the transaction - if the assessee had incurred expenditure @ 4% for paying fees to a professional entity, then there was no justification in partly disallowing it - FAA had rightly allowed the appeal of the assessee – Decided against Assessee.
|