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2021 (4) TMI 99 - AT - Income TaxCapital gain computation - Maintainability of revenue appeal - valuation to DVO for determining the value of property - computing long term capital gain u/s 50C - appeal by Revenue is against the findings of CIT(A) in directing the AO to consider fair market value of the property as determined by the DVO on the date of agreement of sale - HELD THAT:- We find that the tax effect involved in the present appeal by the Revenue is less than the monetary limit specified by CBDT Circular No. 17 of 2019 dated 03.03.2019 for filing of appeals before the Tribunal. Therefore, without adverting to the merits of issue raised in appeal, this appeal by the Revenue is dismissed on account of low tax effect. Not allowing the deduction of cost of improvement - The contention of the assessee before CIT(A) was that Municipal Corporation of greater Mumbai has constructed a Nalla Wall on the land of the assessee and had raised a bill of ₹ 46,12,155/- in February, 2002. The assessee instead of making payment of ₹ 46 lacs to the BMC transferred the said liability with interest to the purchaser and the credit for the said amount was given to the purchaser. Thus, the assessee claimed the benefit of indexed cost of improvement for construction of Nalla Wall on the plot of the assessee - CIT(A) has rejected the contention of the assessee by observing that the assessee has not brought on record any document to show that this cost was paid by the assessee. The benefit of indexed cost of improvement can only be claimed where the cost has been actually incurred by the assessee till the date of sale. We concur with the findings of the CIT(A). Accordingly, we uphold the same. The ground raised by the assessee is without any merit, hence, dismissed.
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