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TMI Blog2014 (4) TMI 271X X X X Extracts X X X X X X X X Extracts X X X X ..... sing the taxable long term capital gain on sale thereof in financial year 2008-09 which finding is against the specific provisions of section 2(47)(v) of the Act and therefore is bad in law and on facts on the case. 2. That the ld Assessing Officer/CIT(A) in first instance erred in holding that Rs.12,00,000/- was not the capital cost of acquisition of house but was the cost of furniture thus a personal assessee as per section 2(14) of the Act, without considering the nature of the said capital expenses as per the inventory detail of such purchases. However, without prejudice even if such cost is so considered by the Ld Assessing Officer, they further erred in not deducting its market value as on date of sale from the sale consideration of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under:- "I have considered the grounds raised in appeal and the submissions of the AR of the appellant. Grounds against disallowance of Rs.12,00,000/- from cost of acquisition of the property. The Assessing Officer has made the disallowance holding that the payment for acquisition of furniture cannot be added to the cost of acquisition. I have considered the relevant grounds raised on the issue. As a matter of fact the cost of acquisition of the said property consisted two amounts Rs.18,00,000/- and Rs.12,00,000/-. The said purchase of Rs.18,00,000/- has been made through four sale deeds. Rs.12,00,000/- has been paid for acquisition of furniture and fixture. There is no sale deed registered for this amount neither there is any mention in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the facts of the case and the opinion of the Assessing Officer, I find that only on the basis of a bill which is for furniture, it cannot be assumed that the payment is for acquisition of the house property and should be added to the cost of acquisition. In the facts and circumstances of the case, I hold that the Assessing Officer has correctly reduced the payment made for acquisition of furniture from the cost of acquisition. The capital gain worked out by the Assessing Officer after reducing the cost of furniture from the cost of acquisition is correct and there is no need to interfere with that. The grounds raised on the issue are dismissed." 4. Aggrieved the assessee is in appeal before us. 5. At the outset the Ld AR explained the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok pages 64 to 83. Moreover, it was submitted that the fact of having sold this furniture also does not come out from the sale deed executed by the assessee placed at paper book pages 41 to 52. Regarding the claim of assessee that payments were made to seller for furniture, it was submitted that other payments to same seller were also made, the fact of which is mentioned in Ld CIT(A)'s order and therefore this argument of Ld AR is of no help. 7. We have heard the rival submissions of both the parties and have gone through the material available on record. We find that section 48 of the Act regarding mode of computation of capital gain has a direct bearing on the case. The relevant section is reproduced as under:- "Section 48: The income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... second sale deed, the particulars of which are noted at page 50. The only difference is that instead of one half of front portion mentioned in first deed, here it is mentioned one half of rear portion. The consideration for these two sale deeds has been reflected at Rs.90 lakhs. There is no mention of fact about sale of furniture and fixture and other fittings as contained in the schedule of inventory placed at page 61 of paper book. Similarly, when the assessee purchased this property vide four registered sale deeds placed at paper book pages 64 to 83, there is no mention of fact of having purchased furniture and fixture in the purchase deeds. Therefore, the fact becomes clear that assessee did not sell the furniture items which is appare ..... X X X X Extracts X X X X X X X X Extracts X X X X
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