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2011 (8) TMI 612 - HC - Income TaxApplication of income - Capital gains - amount payable to the sisters of the appellant as per the Will of the appellant's father was not deducted in computing the capital gains assessable to tax - ITAT is justified in holding that the obligation to make the payment to the sisters under the Will was a voluntary act of the appellant in the light of the agreement of Distribution of Assets - agreement entered into between the assessee, his mother and three sisters, wherein the parties had agreed that the assessee had to pay Rs.6 lakhs to each of his sisters - Held that:- it was only an application of money and hence, it could not be given deduction, Assessee's appeal dismissed Cost of construction - adopting the rate of Rs.576/- sq.ft. estimated as consideration in Form 37-I filed before the Appropriate Authority as against the cost of construction of Rs.240/- per sq.ft. adopted in form No. 34A - Appellate Authority took the consideration as regards the cost of construction herein at the rate of Rs.240/- per sq.ft. and not at the rate given in Form 37-I before the Appropriate Authority - Tribunal adopted the value of Rs.576/- per sq.ft. as taken by the Appropriate Authority - Held that:- order of the Tribunal set aside and allow the assessee's appeal
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