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The ITAT held: Long term capital gain was to be computed allowing deduction for indexed cost of acquisition and exemption u/s 54B. Addition u/s 68 for unexplained investment in immovable property was deleted as assessee furnished sufficient evidence regarding source. Addition u/s 69 for unexplained investment was also deleted as source for purchase of property from sale proceeds was duly explained. Disallowance of sundry creditors was rejected as assessee proved genuineness and creditworthiness of lenders. Order was decided in favour of assessee.
The ITAT held: Long term capital gain was to be computed allowing deduction for indexed cost of acquisition and exemption u/s 54B. Addition u/s 68 for unexplained investment in immovable property was deleted as assessee furnished sufficient evidence regarding source. Addition u/s 69 for unexplained investment was also deleted as source for purchase of property from sale proceeds was duly explained. Disallowance of sundry creditors was rejected as assessee proved genuineness and creditworthiness of lenders. Order was decided in favour of assessee.
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TaxTMI 
TaxTMI 
