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TMI Blog2017 (9) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... rtial addition of Rs. 3,92,103/- (Total addition Rs. 7,84,206/-) made by the Assessing Officer of entire interest paid on borrowed fund from banks utilized for making payment for property which was sold during the year under appeal. 3. That the Ld. CIT (A) was not justified on facts and circumstances of the case and in law in enhancing the long term capital gain on sale of plot by giving Indexation benefit on cost of acquisition from Financial Year 2003- 04 instead of Financial Year 1999-2000 without affording proper opportunity to the appellate. 4. That the Ld. CIT (A) was not justified on facts and circumstances of the case and in law in confirming the Partial addition of Rs. 12,400/- (Total addition Rs. 24,800) made by the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sp; 5. Indexed cost of 92765 447 582 103892 Acquisition 6. Charges ICICI 3283 447 582 4274 7. Indexed cost of Acquisition 48500 463 582 60965 8. Indexed cost of Acquisition 34617 463 582 43514 9 Indexed cost of Acquisition (2003- 04) (stamp duty) 6266975 463 582 788119 10. Indexed cost of Acquisition (200405) 9722 480 582 11787 4908726 Total LTCG 1,20,91,273 ½ share of the assessee 60,45,637 Less NHB Bond Investment 5 50,00,000 Long Term Capital Gain 10,45,637 4. In response to the query raised by the AO, the assessee submitted documents and perusal of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) is as under:- 5.3 "To verify the fact the appellant was asked to confirm the date of purchase of a plot, and produce the documents evidencing Registry of the plot and also to produce the financial Statement for the year 1999-2000 and 2000-01. In response the appellant produced Conveyance Deed showing that the property had been registered on 02.07.2003, at Rs.24,61,564/- for which Rs.3,07,750/- had been paid as Stamp Duty. Further, as per the Financial Statement for the year ending 31.03.2000 and 31.03.2001, the value of the Suncity Plot had been shown at Rs.11,15,000/- in the balance sheet of the appellant i.e. Dr.Sunil Kumar Jain. The interest payment to ICICI Bank was not capitalized to the loan account. In the balance sheet for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ost of acquisition is amended as discussed above." 7. Ld.CIT(A) in respect of adhoc addition i.e. 1/5 of car running expenses reduced to the 10% and partly allowed the appeal of the assessee. 8. Aggrieved by the order of the Ld.CIT(A), the assessee filed appeal before the ITAT. 9. Ld.AR reiterated the submissions made before the Ld.CIT(A) and he also produced the Paper Book which contains to 1 to 206 pages and he referred section 48 of the Act for true determination of the cost of acquisition of assets. Ld.AR submitted that the plot was booked and taken loan from the ICICI Bank. The ICICI bank paid directly to the vendors and Tri-party Agreement was made and further the assessee took loan from Bank of Baroda for the final payment and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee, no other expenditure can be allowed. He further submitted that in the computation of capital gain, there are three types of expenditure which can be deducted from the net consideration which is as under:- (i) Cost of acquisition of assets; (ii) Cost of any improvement therein & expenditure incurred wholly and exclusively in connection with the transfer of assets. 12. Therefore, the AO and the Ld.CIT(A) has passed a good reasoned order in respect of Ground No.4. He relied on the order of the lower authorities. 13. After hearing both the sides and perusing the material on record, we observed that the property was booked in the name of the assessee jointly with her wife in the FY 2008-09 and the substantively amount of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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