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M/s. Lifeline Health Centre Versus ITO-11 (2) (4) , Mumbai

2016 (6) TMI 423 - ITAT MUMBAI

Sale value for the purpose of computation of Short Term Capital Gains - reference to the Valuation Officer so as to determine the FMV of the property - in the second round of proceedings, assessee has taken a new plea that a deduction from the cost should be given on account of transfer fee paid for ₹ 27,200/- Held that:- Plea of the assessee that a deduction from the cost should be given on account of transfer fee paid as stated by the Ld. CIT(A), was neither made by the assessee in the r .....

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that once such a claim is not arising out of the mandate and directions of the Tribunal, then, the same cannot be raked up or a fresh claim can be made in the second round of proceedings. Accordingly, the order of Ld. CIT(A) is affirmed and the grounds raised by the assessee is dismissed. - ITA No. 348/MUM/2011 - Dated:- 6-5-2016 - Shri Amit Shukla, Judicial Member And Shri Rajesh Kumar, Accountant Member For the Appellant : Shri Arvind Kulkarni For the Respondent : Shri Yogesh Kamat ORDER Per A .....

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r proper calculation of Short Term Capital Gains and therefore Assessing Officer erred in rejecting the claim of expenses on transfer as the same being not claimed in the regular return of income. 3. The brief background of the case is that the original assessment was completed u/s. 143(3) on 29.11.2005, wherein Short Term Capital Gains on sale of clinic Gala was computed at ₹ 4,17,104/- by adopting the market value at ₹ 8,77,500/- as determined by the Stamp Duty authorities in terms .....

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fficer (DVO) estimated the value of the property at 6,35,794/- as against market value of ₹ 8,77,500/- determined by the Stamp Duty authorities. The Assessing Officer, accordingly, computed the Short Term Capital Gains by taking the market value at ₹ 6,35,794/-. Before the Assessing Officer the assessee s case was that the transfer fees paid on 30.4.2003 for ₹ 23,600/- should have been reduced from the FMV. In support, the assessee had furnished the photocopy of the receipt iss .....

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er fee paid, and the proof was filed for the payment of ₹ 47,200/-. 4. In the first appeal before Ld. CIT(A), assessee submitted that out of ₹ 47,200/-, half of the amount was borne by the purchaser and the other half by the seller. Therefore, same should be liable for deduction. Further evidences were also filed by the assessee before the Ld. CIT(A) with regard to the transfer fee paid to the CHS. The matter was sent back to the Assessing Officer to submit his remand report and in t .....

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own that the Assessing Officer has no power to entertain the claim of deduction otherwise than the revised return. In response to the same, detailed submissions were made before the Ld. CIT(A) by the assessee which has been incorporated from pages 5 to 7 of the appellate order. The Ld. CIT(A) held that the impugned assessment proceedings were in compliance of ITAT s order by which the matter has been set aside for making the reference to DVO and accordingly decide the issue of determination of m .....

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he Tribunal only. Accordingly, he dismissed the assessee s claim. 4. After considering the rival submissions made by the parties before us and on the perusal of the materials placed before us, we find that the sole dispute is with regard to the sale value for the purpose of computation of Short Term Capital Gains. The assessee had shown the sale consideration as per the Deed of Transfer at ₹ 6,00,000/-, whereas the FMV as per the Stamp Duty authorities was ₹ 8,77,500/-, and according .....

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