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2023 (3) TMI 660 - AT - Income TaxPenalty u/s 271F - rejecting the claim of the assessee in respect of indexed cost of improvement based on valuation report of the registered valuer being construction made by the assessee - HELD THAT:- From the arguments of assessee, it is observed that the assessee had resubmitted the desired documents on three occasions before the ld. CIT(A) on 17-01-2021, 11-03-2022 and lastly on 22-09- 2022 but the ld.CIT(A) had not asked for documents like building plan approval, property tax receipt if any, cost of improvement with sources and bills and vouchers during the period of three years. The Bench has deeply considered the submissions of the ld. AR of the assessee and found that it does not suffer from any infirmity as no building approval is required for construction area of 870 Sq. Fts and property tax was not leviable on the residential house property. The assessee has shown the investment of source like (i) Rs.1,80,000/- (given by the wife of the assessee out of her Istri Dhan (ii) Rs.90,000/- (given by the father of the assessee in instalments) (iii) Rs.78,000/- (out of the funds available with the assessee) for which the assessee has filed an affidavit (PB 30-31). The assessee has also filed an affidavit of Contractor Shri Om Prakash Kumawat (PB 32-33). As decided in assessee own case [2022 (9) TMI 875 - ITAT JAIPUR] AO has passed the assessment order ex-parte taking into consideration the assessee has not advanced any documents pertaining to sale of house in question. It is also noted from the record that the assessee is not having any taxable income and the AO has not given the benefit of indexed cost of acquisition and indexed cost of improvement on the immovable property in question and thus in that eventuality the capital gain arose on the sale of immovable property would have been below taxable limit. This plea of the ld. AR of the assessee tantamounts to reasonable cause as is prescribed u/s 273B - Appeal of assessee allowed.
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