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2022 (11) TMI 621 - ITAT BANGALORECapital gain computation - cost of acquisition considered by the AO - HELD THAT:- From the perusal of the breakup of the cost acquisition extracted in the earlier part of this order and the assignment agreement it is noticed that the assessee has considered a sum paid to the assignment holders as per the assignment agreement dated 01.10.2007 as cost of acquisition. Also noticed that the assessee has paid towards covered car park charges, corpus deposit, etc. and also a sum as assignment fee to L&T. From these facts, it is clear that the actual outflow in the hands of the assessee towards acquisition of the property includes the said amounts and is an undisputed fact as admitted by the AO in his order that the assessee has paid the above-mentioned amount through proper banking channels as mentioned in the Assignment Agreement. Therefore we see merit in the argument that merely for the reason that the assignment agreement is not registered, the actual outflow from the hands of the assessee towards acquisition of the property cannot be ignored for computing the capital gains.Assessee has claimed several items towards cost of improvement for which bills and invoices were submitted before the AO. The breakup of the amount considered by the AO as of acquisition i.e.Rs.40,94,980 is not available on record and the reference given in the assessment order as does not provide any clarity on how this amount is arrived at. In view of this discussion we remit the issue back to the AO for arriving at the cost of acquisition with proper breakup. AO while doing so is directed to consider the actual amount paid by the assessee as per the Assignment Agreement including amounts paid to L&T and stamp duty based on evidences / supporting documents submitted in this regard. AO is also directed to verify the bills and documents with regard to cost incurred towards brokerage, interiors, painting etc., and consider these amounts for the purpose of arriving at the capital gains in accordance with law. Needless to say that the assessee may be given an opportunity of being heard. Appeal is allowed for statistical purposes.
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