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2012 (6) TMI 288 - HC - Income TaxCapital gains - Valuation of plot as on 1.4.1981 - held that:- The CIT(A) and the Tribunal after noticing that there was transaction of sale of land by the Improvement Trust on 1.6.1981 and other comparable sale instances had accepted the fair market value of the land at Rs. 330/- per square yard as on 1.4.1981. Learned counsel for the revenue was unable to point out any error in the aforesaid finding which may warrant interference by this Court. - Decided in favor of assessee. Revenue or capital expenditure - Expenses incurred as "demolition charges" - held that:- the business of the assessee had continued till 31.3.1995 as the Assessing Officer himself had allowed business expenses till that date. - the assessee had to spend "demolition charges" in respect of structure that had caught fire and for which major repair was undertaken. - Therefore, the "demolition charges" and the "repairing charges", were held to be admissible to the assessee. - Decided in favor of assessee.
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