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2017 (9) TMI 109 - ITAT DELHICost of acquisition of the assets - acquisition of assets registered in the name of the assessee and his wife - entitlement to indexation benefit - Held that:- The property was booked in the name of the assessee jointly with her wife in the FY 2008-09 and the substantively amount of the cost of property were also paid to vendors. Annual property has got registered in the FY 2003-04 effect to the issue for giving indexation benefit to the assessee because the substantial value of the property had already been paid at the time of booking of the capital assets. The Tri-party Agreement was also made with the ICICI bank at the time of sanctioning of the loans for the purchase/construction of the plot and the loan amount was directly paid to the vendors. In totality of the facts and circumstances of the case and considering the order of the lower authorities and submissions of the assessee, the assessee is entitled for the indexation benefit from the FY 1999-2000 and onwards in respect of interest paid to the banks in respect of his share in the property. Therefore, this ground is allowed in favour of the assessee. Addition on the car running expenses restricted to 10% During the scrutiny proceedings - Held that:- the AO asked for the log book but the assessee submitted that no log book has been maintained. Therefore, the estimation made by the AO and restriction made upto 10% by the Ld.CIT(A) is justifiable. Once the AO or appellate authority raised certain queries and the assessee failed to properly respond the same, the authorities below were quite justified to disallow the expenditure, keeping in view the nature & size of assessee’s business and other attending facts & circumstances of the case. - Decided partly in favour of assessee.
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