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2017 (6) TMI 250 - AT - Income TaxDenial of assessee’s claim for allowance of expenditure incurred for perfecting title and taking possession of the property sold - Held that:- In a related case viz., Smt. Farida Alladin Vs. ACIT [2014 (1) TMI 101 - ITAT HYDERABAD] on an identical issue allowed the claim of the assessee for similar allowance directing the A.O. to allow the deduction claimed by the assessee under section 48 on account of payment made for release of lease hold rights created by her ancestors/predecessors - Decided in favour of assessee. Denial of assessee's claim for allowance of consideration paid to confirming party as cost of acquisition - Held that:- It is clear from the records that the assessee along with the other family members allowed Mr. Karim Nawaz Alladin as party in the negotiation and be a assigning party. The relevant agreement is placed on record. It is fact that the assessee has shown the sale consideration and declared this payment as application on the sale consideration. The same was also confirmed by Mr. Karim Alladin. The same amount of sale consideration was declared by Mr. Karim in his return of income and sale consideration from Assignment right and declared as capital gains. The same was accepted by revenue. As far as revenue is concerned, the whole sale consideration was declared and charged for capital gains. There cannot be any revenue loss. Moreover, the same income cannot be charged to tax twice. Once the revenue accept the income offered by Mr. Karim as income under the head ‘income from capital gains’, the same has to be allowed as deduction in the hands of assessee. Accordingly, ground raised by the assessee is allowed.
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