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2012 (8) TMI 697 - AT - Income TaxCapital gain – date of acquisition - deduction of section 54EC – Held that:- Period of holding a capital asset should be deemed to include the period for which the asset was held by the previous owner of the property referred in the Sub-sec.(1) of Sec.49 of the Act - none of the authorities below considered the matter in the light of the provisions of section 49(1) – matter remanded Disallowance of Municipal tax, Govt.conversion fee and Mandal Development cess tax as cost of improvement – Held that:- Expenses claimed as cost of improvements are Municipal tax, Land conversion and Mandal development cess tax, which cannot be said to be expenditure incurred for the improvement of or addition to the asset. Municipal tax is revenue in nature to be paid year after year, whereas the Govt. Conversion fine and Mandal Development cess tax are levied by the local authority for converting the land and develop the area, where the property is located - expenses also cannot be said to be for the additions or for the improvement of the asset - assessee’s appeal is partly allowed for statistical purposes
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