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of <h1>Non-resident's property cost dispute resolved by Tribunal, increased deduction ordered</h1> <h3>Yashpalsingh Surindersingh Matharu, C/o. Harjeet Singh Matharu Versus ITO (International Taxation), Ward-3, Pune</h3> Yashpalsingh Surindersingh Matharu, C/o. Harjeet Singh Matharu Versus ITO (International Taxation), Ward-3, Pune - TMI Issues involved: Appeal against final assessment order, addition of indexed cost of improvement, non-granting of deduction towards indexed cost of improvement, increase in proportionate deduction u/s.54F.Addition of indexed cost of improvement: The appellant, a non-resident individual, contested the addition of Rs.9,17,560 towards indexed cost of improvement in relation to a property transaction. The appellant claimed deduction for development work carried out on the property, supported by estimates and bills from the developer. However, the Tribunal found discrepancies in the evidence provided by the appellant. The sale deed for the property did not align with the claimed development work, raising doubts about the timing and nature of the improvements. Consequently, the Tribunal upheld the AO's decision to disallow the indexed cost of development claimed by the appellant.Increase in proportionate deduction u/s.54F: An alternate ground was raised by the appellant for an increase in the proportionate deduction under section 54F due to the disallowance of the indexed cost of improvement. The Tribunal directed the AO to verify this claim and provide the appropriate deduction as per the law, ensuring the appellant is granted a fair opportunity of hearing.Result: The appeal was partly allowed for statistical purposes, with the Tribunal's order pronounced in the Open Court on 11th April, 2023.
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