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2017 (5) TMI 215 - AT - Income TaxRevision u/s 263 - income under the head “income from capital gain” wrongly calculated - Held that:- It is the case of the assessee that a valuation report was submitted showing year wise construction and that the sale deed also mentions the construction of property. However, the ld. Pr.CIT has given a finding, no such evidence, books of account or balance sheet for the year in which the construction has been made, filed to prove actual construction and its recording in the books of account. The assessee was required to file evidences in support of the construction for making a claim in respect of cost of acquisition of the property by furnishing the evidence of expenditure incurred. However, the assessee has filed a valuation report by a registered valuer enclosed at pages No. 11 and 12 of the paper book. The valuer has reported that cost of construction is calculated as per the standing order of the department of Public Works, Government of Rajasthan. Under these facts, we deem it appropriate to modify the impugned order and direct the Assessing Officer while deciding the issue of cost of property would call for a valuation report from the departmental valuer and also make enquiry with regard to the cost of construction of the property. - Appeal of the assessee allowed for statistical purposes only.
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