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2018 (9) TMI 532 - ITAT VISAKHAPATNAMRevision u/s 263 - computation of long term capital gain against the sale of immovable property - claim of deduction towards indexed cost of construction of compound wall and the cost of improvements - Held that:- As compound wall cannot be demolished for vastu defect even we assume that there was a vastu defect, the assessee has not filed any details except agreement entered with one Mr. Narayana, who is mason. So far as existence of construction of shed is concerned, the assessee has not filed any house number or electricity bill or municipal tax receipt. Only his case is based on agreement entered with Mr.Narayan. On the basis of agreement, it cannot be said that there was a compound wall and also a shed constructed, particularly the sale deed dated 10/11/2009 clearly mentioned that the assessee has only transferred vacant land to the purchaser. CIT has rightly considered that the order passed by the AO is erroneous and prejudicial to the interests of the revenue and directed the AO to disallow the said amount. We find no reason to interfere with the order passed by the ld. CIT(A). - Decided against assessee
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