2013 (12) TMI 539

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....ccount of the house sold and claimed deduction u/s 54F of the Act, on account of investment in a house property. The stamp valuation authority for the stamp duty purpose valued the property sold at Rs.14,90,000/- which was adopted by the AO u/s 50C of the Act, against the shown consideration in the sale deed at Rs. 14,00,000/-. The AO also denied the claimed deduction u/s 54F of the Act on the basis that the property purchased by the assessee was a vacant plot. The submission of the assessee in this regard remained that the assessee was having no other fixed assets except the said plot. The AO noted further that in the computation of income filed with the return of income, the assessee had shown indexed cost of acquisition at Rs.12,81,850/-....

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....d reason to interfere with the action of the authorities below in this regard. The related ground no. 1 is accordingly rejected. 5. The authorities below have not accepted the claimed indexed cost of acquisition of Rs.12,81,850/- in absence of any supporting bills or evidence. The assessee had furnished bifurcation of the indexed cost into various years. Under these circumstances the AO had given the logical estimation while reallocating such expenses into various years which was agreed upon by the assessee. In such circumstances we are of the view that assessee was not having any option to question the action of the AO in this regard which was based on consent of the assessee obtained during the assessment proceedings. The ld. CIT (A) h....