2014 (7) TMI 558

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....he circumstances of the case and in law, the Tribunal was justified in upholding the order of the CIT(A) Mumbai deleting the addition of Rs. 64,72,000/- being the cost of construction of flats given to tenant without any sale consideration as expenditure despite of the fact that the assessee was granted additional F.S.I. to compensate him? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in not directing the Assessing Officer to refer the matter u/s. 55A of the I.T. Act, 1961 and estimating the value of property at Rs. 2,50,000/- as on 01.04.1981 for computing capital gain? (iii) Whether on the facts and the circumstances of the case and in law, the Tribunal was justified in setting asi....

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....s to enable him to reimburse himself the cost of construction for rehabilitating to the tenant, does not mean that the expenditure needs to be deleted straightway. The revenue has failed to bring any material which would indicate as to how much F.S.I. was made available and placed at the disposal of the assessee, how much was utilized in the form of making for construction of buildings for sale in open market and how much was actually sold and the income derived therefrom. In the absence of this vital material, the Commissioner of Income Tax and the Tribunal concurrently held that this deduction was totally unjustified. The view taken is in accord with the facts and circumstances placed on record. It cannot be said to be perverse. 5. On th....