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2019 (1) TMI 1202 - AT - Income TaxComputation of capital gain - cost of acquisition of the property as on 01.04.1981 - Held that:- The assessee had filed original return of income of income on 30.07.2013 declaring income at ₹ 2,42,617/-. For the year under consideration, the assessee had sold his land at Balewadi, Tal. Haveli, Pune Dist. on 27.09.2012. The assessee had shown the cost of acquisition of the said property as on 01.04.1981 at ₹ 3,59,648/-, whereas the Assessing Officer had adopted at ₹ 10,360/-. The perusal of assessment order reflects that the assessee had admitted before the Assessing Officer to adopt the cost of acquisition at ₹ 10,360/-. In view of the admission of assessee, there is no merit in the ground of appeal raised by assessee in this regard. Hence, the same is dismissed. Claim of deduction u/s 54F - non deposit to an account of specified bank or institution - Held that:- The assessee is not entitled to the claim of deduction under section 54F of the Act as the assessee has failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income. - Decided against assessee.
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