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2015 (6) TMI 484 - AT - Income TaxComputation of short-term capital gain - non inclusion of cost of acquisition of the asset and the cost of any improvement thereto - Held that:- FAA has made a detailed analysis of each item of expenditure claimed by the assessee towards the improvement of the asset as well as incurred in connection with the transfer. It is to be appreciated that assessee has claimed expenses of ₹ 1,55,750/- incurred towards fertilizer and matipuran. The total land is measuring 2675 sq.mtrs. which is just equivalent to half acre of land. Even somebody wants to put warmi-post or cowdung as fertilizer it cannot cost ₹ 1,55,750/-. The land has been sold as an agricultural purpose. This is highly exaggerated amount which has been claimed by the assessee without submitting any evidence. Similarly the assessee has claimed that he must have filled the land with sand for leveling purposes though no direct evidence has been placed on record. The assessee could only produced his account as well as account of his sons wherein their books, they have claimed incurred expenditure but the assessee could not bring any demonstrative evidence exhibiting that some physical changes were brought in the asset. Considering the well reasoned finding of the CIT(A) vis-à-vis the claim made by the assessee, we are of the view that ends of justice would meet if a sum of ₹ 1,50,000/- is allowed to the assessee on an estimate basis for leveling and putting some fertilizer etc. towards improvement of the asset. The ld. AO shall recomputed the capital gain after allowing the improvement cost of ₹ 1,50,000/- to the assessee. - Decided partly in favour of assessee.
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