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2015 (5) TMI 1061

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....scii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-fareast-language:EN-US;} SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER Appellant by : Ms. Hemalatha.K, ACA Respondent by : Sh.N. Madhavan, JCIT O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-16, Chennai, dated 23.01.2015, and pertains to assessment year 2010-11. 2. The first issue arises for consideration is with regard to disallowance of indexed cost of improvement to the extent of Rs. 3,07,946/-. 3. Ms. Hemalatha.K, the Ld. representative for the assessee, s....

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....d that the assessee claimed improvements to the extent of Rs. 3,07,946/-. However, the Assessing Officer disallowed the same. The assessee had not produced any evidence before the lower authorities. The bills, vouchers, etc. for the improvement said to be made to the landed property were not produced before the Assessing Officer. The Ld. D.R. further submitted that a statement from Shri T. Karthik was recorded and he could not throw any light with regard to improvements said to be made by the assessee. The Ld. D.R. further submitted that what was sold by the assessee was a vacant land. Therefore, there is no question of any improvement. 5. We have considered the rival submissions on either side and perused the relevant material on record. ....

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....6/-, this Tribunal is of the considered opinion that it may not be necessary to  remit back the matter in view of the smallness of the amount claimed by the assessee. Accordingly, this Tribunal is of the considered opinion that the assessee would have spent Rs. 3,07,946/- as per the letter filed before the lower authorities with regard to improvements. Therefore, there is no justification in disallowing the claim of the assessee. Accordingly, the orders of the lower authorities are set aside and the Assessing Officer is directed to allow the claim of the assessee towards cost of improvements to the extent of Rs. 3,07,946/-. 6. The next ground of appeal is with regard to computation of capital gain. 7. Ms. Hemalatha.K, the Ld. represe....

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....he value disclosed in the sale deed has to be adopted rather than the value determined by the Sub-Registrar on the basis of guideline value. Actual sale consideration as reflected in the sale deed has to be adopted in the absence of any other material to indicate that the assessee has received any on-money over and above the amount disclosed in the  sale deed. In this case, it is nobody's case that the assessee received on-money over and above the sale consideration disclosed in the sale deed. Therefore, this Tribunal is of the considered opinion that the Assessing Officer has to adopt the actual sale consideration of Rs. 90 lakhs for the purpose of considering the claim of exemption under Section 54F of the Act. 10. In view of the ab....