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2013 (10) TMI 610 - AT - Income TaxDeduction from Long Term Capital Gains - cost of improvement - Compensation paid to tenant for alternate accommodation - Held that:- the said amount of Rs.4,25,00,000/- was paid by the assessee for getting the entire land free from all types of encumbrances, which enabled the assessee to transfer the property as per agreement dated 28.03.1994. However, out of the entire property only 2/3rd of the same was transferred. Hence, the cost of acquisition is required to be calculated in proportion to the portion of land sold/transferred. Thus, the assessee for this year is entitled to claim deduction to the extent of 2/3rd of the total amount - Decided partly in favour of assessee. Determination of consideration for sale of 2/3rd share in property - Held that:- once the assessee has claimed and furnished a value of consideration to the statutory authorities, he is now estopped from claiming any other value for the purpose of computation of income. The assessee cannot be allowed to approbate and reprobate at the same time. He cannot claim one value before the statutory authorities so as to defeat or escape out from the statutory provisions under the Act and, at the same time, claim another value to avoid tax. Such a conduct is not only hit by principles of estoppels, but is also unreasonable and against the principle of equity, justice and good conscience. It is settled position of law that a person who seeks equity must do equity. In our view, such a conduct of the assessee is not appreciable. - Decided against the assessee.
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