Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1087 - AT - Income TaxInvocation of section 50C - adopting value of the property as per SRO by considering section 50C on the date of registration - Held that:- The assessee has sold a piece of land on 07/08/2008, and as on the date of registration, the SRO value of the property is ₹ 31,10,000/-. However, the assessee has only shown as a sale consideration received by her at ₹ 25.00 lakhs. When AO asked the assessee to explain, it was submitted that actual registration has took-place on 31/07/2008 as there was some dispute and therefore, the higher value cannot be accepted. The assessee neither filed any supportive evidence before the Assessing Officer nor before the CIT(A). Even before the Tribunal except stating that sale consideration was received on 31/07/2008 as there is a dispute in respect of property, but not filed any such details. Therefore, the authorities below have adopted the value of the property as per SRO by considering section 50C on the date of registration. No infirmity in the order of the CIT(A). - Decided against assessee. Disallowance of development expenses - addition as no evidence is filed - Held that:- On appeal, ld. CIT(A) has considered 1.00 lakh for improvement of the property and directed the Assessing Officer to re-compute the capital gains. We find no infirmity in the direction of the ld. CIT(A) to re-compute the capital gains. Thus, this ground of appeal raised by the assessee is dismissed.
|