Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 443 - ITAT MUMBAIAddition of difference in working of capital gain - Held that:- As could be seen from the materials on record, AO has only considered the difference in value in respect of three properties where he found the assessee’s value to be more than the value of the Government approved valuer. However, as observed by the learned Commissioner (Appeals), in respect of other properties, the value of the assessee is less than the value determined by the Government approved valuer. Therefore, if assessee’s valuation vis–a–vis valuation of the Government approved valuer is considered in totality, the assessee’s value in respect of properties is less than the Government approved valuer. Disallowance of expenditure incurred towards legal and professional charges - Held that:- The claim of business expenditure on account of legal and professional charges was disallowed solely for the reason that income from the said property is assessed under the head income from house property. However, it has been submitted before us by AR that only a part of the property was let out and other part is used for business purpose. Aforesaid factual aspect has not been examined by the Departmental Authorities. We are inclined to restore the issue to the file of the Assessing Officer for verifying assessee’s claim that part of the property is also used for business. If assessee’s claim is found to be correct, the expenditure incurred towards legal and professional charges should be allowed. Ground is allowed for statistical purposes.
|