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2012 (9) TMI 359 - ITAT, BANGALORECapital gains - sale of flat - adoption of lower indexed cost of acquisition, non-allowance of registration expenses and cost of improvement - indexed cost of acquisition taken at Rs 3,77,700/- against indexed cost of acquisition, registration and improvement taken by assessee at Rs 19,91,784/- Held that:- It is observed that cost of acquisition was taken from registered sale deed executed on 04.06.2002 by the Vijaya Bank Employees Housing Cooperative Society in favour of the assessee wherein only a sum of Rs.3,06,410/- was mentioned. However no cognizance taken of confirmation letter issued by Society itself to assessee certifying payment of sum of Rs.7,75,305/- during the period from 30.04.1996 to 01.06.2000 by way of installment and also certificate from Engineer contractors certifying improvement cost of 3,10,000/- and other related expenses Even going by common sense it is clear that no flat in BTM Layout in 2002 was available at the rate of Rs.300/- adopted by AO. In view of adoption of aforesaid cost, CIT(A) rightly held that indexed cost of acquisition, improvement and registration far exceeds Rs.19.80 lakhs resulting in taxable LTCG at NIL - Decided against Revenue
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