2017 (5) TMI 348

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....,30,916/- has been offered as sale consideration on which there is no dispute. While computing the capital gains, Assessee had claimed cost of acquisition of the property at Rs. 22,78,461/- on which also there is no dispute. Assessee also claimed cost of construction at Rs. 9,46,513/-. Out of this amount, the dispute was on proportionate share in claim of construction cost to an extent of Rs. 7,42,499/-. Assessee claimed along with five co-owners, spent an amount of Rs. 45,00,000/- and the same was claimed to have been paid to M/s Maheshwari Megaventures Ltd., which was entrusted the work of construction of property. A.O noticed that the sale document mentions that property being open plot of land with small room of 2,00 Sq. ft. When it was....

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....ssessee remains unsubstantiated. Thus the assessee's contentions that the contractee commenced the work on an oral agreement cannot be given any credence without any supporting documentary evidence. Further, the A.O, in the remand report has categorically stated that the ledger copies reveal that major expenditure was incurred before date of execution of construction agreement and that the bills/vouchers for interiors revealed that the said purchase was intended for hotels/restaurants, and not construction of house. 7.5 In view of all above mentioned facts and circumstances of the case and the detailed reasoning given by the A.O in the assessment order and the Remand Report, the addition made by the A.O is hereby upheld 4. Ld. C....

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....t and also the order of the CIT(A). 6. I have considered the rival arguments and the documents placed on record. It is observed that total property was purchased by way of three separate purchase bills and the schedules to the deeds mentioned that there was a building. For the sake of record the schedule of agreement dated 06-12-2003 placed in the paper book from pages 1989-1995 shows the 'property of plot admeasuring 600 Sq. yards (along with portion of old house admeasuring 1000 Sq. feet) out of 1828 Sq. yards equal to 1529 Sq. Meters bearing premises No. 8-2-293/82/8/1323/A, Road No. 67, Jubilee hills layout'. Similar description was mentioned in the other two documents also, which indicate that out of the 1828 Sq. yards of the land, ....