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2014 (1) TMI 1349 - AT - Income TaxDisallowance of expenditure u/s 48(1) - Held that:- The shops sold during the year were already in possession of tenants - The assessee has actually paid Rs. 9,92,000/- for vacating the shops to the tenants - The ld. CIT(A) has recorded factual finding regarding actual payment of eviction to the tenants as per sale deed so executed - The action of the CIT(A) was justified for giving deduction of Rs. 9,92,000/- paid to the tenants for evicting the shops while computing gains earned by assessee on sale of shops – Decided against Revenue. Disallowance of long term capital gain – Held that:- No depreciation was claimed by assessee on the shops sold by the assessee durig the year - The observation of the Assessing Officer to the effect that depreciation were claimed on these shops in earlier years, are not supported by material on record - The Assessing Officer has not considered indexed cost of acquisition claimed by assessee at Rs. 39,52,699/- while computing capital gains nor CIT(A) has deliberated on this issue – Provisions of section 50 are not applicable in this case - The issue was restored for fresh adjudication.
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