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2014 (6) TMI 780 - AT - Income TaxRectification of mistake - Determination of cost of land – Any expenses relating to allotment of land not debited – Held that:- The expenses reflected in Schedule-K are in the nature of stamp duty, registration fee incurred for registration of title deed and bank guarantee commission - This does not tantamount to incurring of any expenditure towards allotment of land by the Government - the assessee has offered the gross amount on sale of land/ building/IT Park as revenue receipt for taxation purposes and there is no deduction of land cost from it, taxing the cost of the land once again amounts to double taxation - if the assessee is not charging cost of land to the Profit and Loss A/c. and offered the receipt from sale of land/building/IT Park as revenue receipt, then the claim of the assessee could be allowed – the AO is directed to verify whether the assessee has charged any cost incurred for allotment of land in its books of account as an expenditure and if it is not charged any expenditure towards allotment of land to Profit and Loss A/c., then the claim of the assessee is to be allowed - Decided in favour of Assessee.
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