TaxTMI 
TaxTMI 
2014 (7) TMI 988
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....see received compensation of Rs. 6,16,962/- in the assessment year 2003-04 for land acquisition by the National Highway authorities. The Assessing Officer in the original assessment order computed capital gain at Rs. 5,71,450/-. When matter carried to the CIT(A), the ld CIT(A) directed the AO to recompute the capital gain by taking the assessee's share of indexed cost of acquisition of the house at Rs. 2,61,448/-. Thereafter, the assessee preferred appeal before the Tribunal aggrieved by the part relief given by the CIT(A) and the ITAT has set aside the matter to the file of the Assessing Officer with the direction to the AO to verify the certificate furnished by the Muncipal Engineer, Bhadrak Muncipality, Bhadrak and if the contention ....
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.... allowable and, accordingly, directed the AO to recompute the capital gain by taking the assessee's share of indexed cost of acquisition of the house at Rs. 2,61,448/-. Hence, assessee is in further appeal before us. 6. We have heard the rival contentions and perused the record of the case. In this case, assessee has received compensation of Rs. 6,16,962 towards compensation of land and building from National Highway Authorities. The authorities below negated the claim of the assessee to allow deduction u/s.54F on amount invested in construction of building on the ground that permission from the Executive Engineer, Bhadrak Muncipality has not been obtained before construction of the building. In this regard, we may mention here that th....
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.... The building situated on the above holding number was damaged during super cyclone in the year 1999. Hence, holding tax was in father's name. The compensation money received by him alongwith the loan amount was invested in the same building and when he constructed the house, there was no provision of plant and estimate. Assessee has paid the holding tax, the construction has been made on the same holding number and construction double storied building on the same holding no, cost of which is Rs. 14,80,680/-. The valuation certificate was issued by the Muncipal Engineer Shri P. Mallik, who is now in service as Asst Engineer, Daspala Sub-division, Khurda R&B Division, Dist: Nayagarh. A summon may be issued to Shri P. Mallick to know the ....