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2015 (10) TMI 2788 - AT - Income TaxDisallowance deduction u/s 54F - apply provisions of Section 50C for computing the capital gain - As per AO property was commercial plot and lease deed was issued for the use of commercial activity only. There was no evidence with the assessee that any construction has been done on it - nature of investment was commercial, which cannot be considered for deduction u/s 54F - HELD THAT:- The plot was allotted by the JDA itself shows that it was a commercial plot and on that the assessee constructed some room - copy of agreement dated 31/7/2010 made with M/s Kalyani Engineering, Jhotwara, Jaipur for construction as per map provided by the assessee. The total contract amount was ₹ 10.50 lacs. There was a receipt for payment of ₹ 19,281/- for filling the soil. Another evidence is a copy of boundary constructed on the plot, which shows that the assessee had made some investment in construction, therefore, the ld AO is directed to verify these detail payments and construction made by M/s Kalyani Engineering, Jhotwara, Jaipur and also consider the case law cited by the assessee i.e. ACIT Vs. Om Prakash Goyal [2012 (8) TMI 547 - ITAT JAIPUR] - set aside this issue to the file of Assessing Officer to reconsider all the evidences furnished by the assessee and make spot inquiry for use of the plot, electricity connection and other facilities created by the assessee to decide the nature of building. Assessee’s appeal is allowed for statistical purposes only.
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