Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1265 - AT - Income TaxRevision u/s 263 - adoption of cost of improvement - indexed cost of improvement grant - Held that:- AO has taken the cost of improvement at ₹ 15,11,000/- in the year 1998-99 as supported by the valuation report of the registered valuer. With respect to grant of indexed cost of improvement, considering the amount of ₹ 15,11,000/- pertaining to construction of shops in 1998-99, the Assessing Officer himself has recorded this fact in the assessment record and the relevant computation we have already reproduced above. With respect to the amount of ₹ 3.40 lakhs towards expenses on transfer i.e., dalali expenses, Assessing Officer has allowed the said claim after going through the documents and after being satisfied about the claim. The assessee’s issue is squarely covered in his favour by the decision of Hon'ble Supreme Court in the case of CIT Vs. Max India Ltd.(2007 (11) TMI 12 - Supreme Court of India). Thus this is not a fit case for revision as the assessment order is neither erroneous nor prejudicial to the interest of the Revenue. - Decided in favour of assessee.
|