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TMI Blog2013 (12) TMI 539X X X X Extracts X X X X X X X X Extracts X X X X ..... ion u/s 54F of the Act, on account of investment in a house property. The stamp valuation authority for the stamp duty purpose valued the property sold at Rs.14,90,000/- which was adopted by the AO u/s 50C of the Act, against the shown consideration in the sale deed at Rs. 14,00,000/-. The AO also denied the claimed deduction u/s 54F of the Act on the basis that the property purchased by the assessee was a vacant plot. The submission of the assessee in this regard remained that the assessee was having no other fixed assets except the said plot. The AO noted further that in the computation of income filed with the return of income, the assessee had shown indexed cost of acquisition at Rs.12,81,850/-. The assessee was asked to give cost of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorities below in this regard. The related ground no. 1 is accordingly rejected. 5. The authorities below have not accepted the claimed indexed cost of acquisition of Rs.12,81,850/- in absence of any supporting bills or evidence. The assessee had furnished bifurcation of the indexed cost into various years. Under these circumstances the AO had given the logical estimation while reallocating such expenses into various years which was agreed upon by the assessee. In such circumstances we are of the view that assessee was not having any option to question the action of the AO in this regard which was based on consent of the assessee obtained during the assessment proceedings. The ld. CIT (A) has thus rightly upheld the action of the AO in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions laid down u/s 50C of the Act are deemed provisions under which the AO has adopted the consideration of the property sold at Rs.14,90,000/- against Rs.14,00,000/- declared by the assessee. Indexed cost of acquisition has been arrived at by the AO on the basis of estimation against the claimed cost. So far as the denial of the claimed deduction u/s 54F of the Act is concerned, the assessee had also furnished necessary information in this regard on the basis of which only the AO came to the conclusion that benefit is not available on the investment of sale proceeds in a vacant plot. We thus find that there was no concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee on the above add ..... X X X X Extracts X X X X X X X X Extracts X X X X
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