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2018 (8) TMI 1771 - AT - Income TaxRevision u/s 263 - short term capital gains by adopting the Stamp duty and Registration rates of Government of Andhra Pradesh and did not give any credit for the improvements made by the assessee - HELD THAT:- Valuation for cost of construction to the departmental valuation cell, who in turn values the cost of construction applying plinth area rates of CPWD. Apart from the cost of construction of superstructure, the other additions of interior works, exterior works etc. and other improvements made by the assessee also required to be taken while estimating the cost of construction of the super structure. CIT merely arrived at the short term capital gains by adopting the Stamp duty and Registration rates of Government of Andhra Pradesh and did not give any credit for the improvements made by the assessee. The AO has accepted the cost of acquisition of the property at ₹ 10,02,650/- which was declared by the assessee in the reassessment proceedings, CIT did not bring any tangible material to show that that the cost of acquisition accepted by the AO is erroneous. We hold that the Ld.Pr.CIT has invoked the jurisdiction u/s 263 without any tangible material and on difference of opinion. Therefore, the order passed by the Ld.Pr.CIT u/s 263 is unsustainable, accordingly, we cancel the order passed by the Ld.Pr.CIT u/s 263 and allow the appeal of the assessee. - Decided in favour of assessee.
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