TMI Blog2017 (10) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Commissioner of Income Tax (Appeals)-18, Mumbai, [in short CIT(A)] in appeal No. CIT(A)-18/U/s 263/19/2012-13/2726, dated 19-11-2012. The Assessments were framed by Income Tax Officer, Ward-18(1)(3), Mumbai (in short ITO or AO) for the assessment year 2008-2009 vide order dated 14-11-2010 under section 143(3) of the Income Tax Act, 1961(hereinafter the Act ). 2. The only issue in this appeal of assessee is against the order of CIT(A) revising the assessment framed by the AO under section 143(3) of the Act for claiming higher cost of acquisition and excess indexation cost. For this assessee has raised following four grounds: - 1. The learned Commissioner of Income tax erred in setting aside the order passed by the Income-tax Officer tinder section 143(3) and directing the Assessing Officer to pass a fresh assessment order. 2. He failed to appreciate and ought to have held that Assessing Officer calculated Long term capital loss at ₹ 29,63,637/- after verifying the evidence placed on record. 3. He further erred iii not considering the evidence placed before him and the written submissions submitted to him. 4. The appellant prays that the order p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /11/1994 Amount 500,000 2,200,000 2,200,000 Purchase price 4,900,001 31/03/1996 4,900,001 25/06/1996 168,845 5,068,846 31/03/1997 5,068,846 5,068,846 31/03/1998 5,068,846 31/03/1999 5,068,846 31/03/2000 5,068,846 31/03/2001 5,068,846 03/04/2000 28/04/2000 145,250 34,550 Stamp duty Registration fees 5,248,646 31/03/2002 5,248,646 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant's interest in the flats continued to be vested in Row Houses. Therefore, the revised agreement can only be construed as an extension of I amendment to the agreement dated 12.11.1994. The agreement for sate dated 11th April. 2000 with respect to the row houses are just conveyance deed to recognize the ownership rights of the appellant which originated with signing of agreement-cum allotment latter dated 12.11 1994. In this regard, there is no substance in the argument of the AO that in the year 1994 and 1996, the plan was not approved by BMC. The material thing to be considered here is when the rights in the said flats or alternatively in the row houses germinated. There cannot be any doubt that the seeds of beneficial and enforceable rights were sown with execution of agreement-cum- allotment latter on 12.11. 1994. 6. The CIT(A) also allowed the entire cost of acquisition at ₹ 53,69,696/- by observing in Paras 9, 9.1, 9.2 and 9.3 as under: - 9.1 The AO has further given the findings that the assessee has paid for the 3 row houses W ₹ 11,00,000/- plus expenses only and on material in support of the additional amenities constituting improvements ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is contended that the builder MIs. Choudhury Choudhury (India) Ltd. has appropriated ₹ 11 Lacs for each of the three Row Houses out of the total payments of ₹ 49 paid by the appellant. The builder also appropriated the balance sum paid on allotment i.e ₹ 16 lac plus further amount collected at ₹ 1,68,846/- appropriated towards additional amenities listed in the allotment letter dated 12-11.1994. It is found that on making specific query by the AO, the builder has issued a letter dated 13.09.2010 confirming contribution of ₹ 49 lac by the appellant towards cost of the flat along with providing additional amenities and alteration in structure. For the sake of convenience, the content of the letter is reproduced as under- With reference to the above we would like to state that vide allotment letter dated 120 November, 1994 we have allotted a flat no. 71 72 to Miss. Veeno S. Johan and and Flat No. 81 to 84 to Mrs. Malt! S. Johari. Thereafter, vide our letter dated 14.111996 we had change the said allotment in place of flat no. 81 to 84 and 71 72 to Row House No. IOA 108 to Mrs. Malti S. Johari, Row House No. I IA to Miss Veena S. Johari 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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