https://www.taxtmi.com/caselaws?id=433832 The non-resident assessee's appeal challenged the assessment order concerning the cost of construction of a villa, leading to discrepancies in the calculation of capital gains. The Assessing Officer adopted the fair market value instead of the actual cost, citing lack of supporting evidence from the assessee. The Tribunal found that while the assessee provided some proof of construction costs, there was a lack of confirmation from the builder/architect. Consequently, the matter was remanded to the Assessing Officer for fresh examination. The AO was directed to consider the actual cost of construction, with the assessee required to provide necessary proof. If unable to prove the claimed cost, the matter could be referred to the Valuation Officer. The Tribunal emphasized the need for cooperation and directed an expeditious disposal of the case, ultimately allowing the appeal for statistical purposes. en-us Wed, 08 Feb 2023 00:00:00 +0530 Fri, 10 Feb 2023 09:44:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433832 The non-resident assessee's appeal challenged the assessment order concerning the cost of construction of a villa, leading to discrepancies in the calculation of capital gains. The Assessing Officer adopted the fair market value instead of the actual cost, citing lack of supporting evidence from the assessee. The Tribunal found that while the assessee provided some proof of construction costs, there was a lack of confirmation from the builder/architect. Consequently, the matter was remanded to the Assessing Officer for fresh examination. The AO was directed to consider the actual cost of construction, with the assessee required to provide necessary proof. If unable to prove the claimed cost, the matter could be referred to the Valuation Officer. The Tribunal emphasized the need for cooperation and directed an expeditious disposal of the case, ultimately allowing the appeal for statistical purposes. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433832