TaxTMI 
TaxTMI 
2014 (1) TMI 303
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.... The only grievance of the assessee in this appeal is that the Commissioner of Income-tax (Appeals) is not justified in not considering Rs.13,70,000 paid to contractors as cost of improvement to the property while computing the capital gains. The brief facts of the case are that the assessee is a renowned playback singer, actor and proprietor of recording theatres filed return of income showing n....
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....xcluded cost of improvement for the purpose of computing capital gains. On appeal, the Commissioner of Income-tax (Appeals) directed the Assessing Officer to verify the expenditure of Rs.25,74,500 claimed by the assessee in respect of payment made to one Shri P. V. Prasad as the assessee produced bank account wherein the assessee paid the said sum to Mr. P. V. Prasad for construction purposes. In ....
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....s made to those contractors and remitted the TDS to government account. Therefore, he submits that there is no justification in denying the cost of improvement of Rs. 13,70,000 on the ground that the contractors have not completed the work. The Departmental representative supported the orders of the lower authorities. Heard both sides. Perused the orders of the lower authorities and materials on r....