TaxTMI 
TaxTMI 
2017 (10) TMI 1153
X X X X Extracts X X X X
X X X X Extracts X X X X
....-2010 under section 143(3) of the Income Tax Act, 1961(hereinafter 'the Act'). 2. The only issue in this appeal of assessee is against the order of CIT(A) revising the assessment framed by the AO under section 143(3) of the Act for claiming higher cost of acquisition and excess indexation cost. For this assessee has raised following four grounds: - "1. The learned Commissioner of Income tax erred in setting aside the order passed by the Income-tax Officer tinder section 143(3) and directing the Assessing Officer to pass a fresh assessment order. 2. He failed to appreciate and ought to have held that Assessing Officer calculated Long term capital loss at Rs. 29,63,637/- after verifying the evidence placed on record. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the property referred to house No. 10 and 11 is at Rs. 23,16,100/- as against disclosed by an assessee and adopted by AO during the assessment at Rs. 53,69,696/-/- and also indexing from FY 1994-95 as against indexation from FY 2000-01. Accordingly, he directed to the AO to pass a fresh assessment order in term of the revision order under section 263 of the Act. 4. At the outset, the learned Counsel for the assessee filed copies of balance sheet for the year ended 31-03-1995, 31-03-1996, 31-03-1997, 31-03-1998, 31-03-1999, 31-03-2000, 31-03-2001, 31-03-2002, 31-03-2003, 31-03-2004, 31-03-2005, 31-03-2006, 31-03-2007 and the total purchase price is Rs. 53,69,696/-, which reads as under: - Date Opening Balance Details of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....arned Counsel of the assessee during the course of hearing that while giving effect to the order of revision passed by CIT(A) under section 263 of the Act, the AO taken the value of cost of acquisition of these two row house at Rs. 23,16,100/- and also indexation was allowed from FY 2000-2001 for the computation of indexed cost of acquisition property. The CIT(A) adjudicated both the issues and allowed indexation from the date of agreement i.e. 12.11.1994 vide its appellate order at Para 8.5 as under: - "8.5 In the above matter, I find that vide an amendment to original agreements letter, the developer M./s. Choudhury & Choudhry (India) Ltd., through another agreement cum-allotment letter dated 14.11.1996 informed that Bombay Munic....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Paras 9, 9.1, 9.2 and 9.3 as under: - "9.1 The AO has further given the findings that the assessee has paid for the 3 row houses W Rs. 11,00,000/- plus expenses only and on material in support of the additional amenities constituting improvements has been placed on record. In this regard the appellant has claimed payment of Rs. 53,69,696/- for the three row houses 10A, 10B and 11B including various amenities in these row house. The details of payments are listed as under: Payments for Row houses along with amenities Payments for Row houses along with amenities Dates of payment Nature Amount 5,00,000 27.10.1994 Cheque 22,00,000 12.11.1994 Cheque 22,00,000 12.11.1994 Cheque ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rds additional amenities listed in the allotment letter dated 12-11.1994. It is found that on making specific query by the AO, the builder has issued a letter dated 13.09.2010 confirming contribution of Rs. 49 lac by the appellant towards cost of the flat along with providing additional amenities and alteration in structure. For the sake of convenience, the content of the letter is reproduced as under- "With reference to the above we would like to state that vide allotment letter dated 120 November, 1994 we have allotted a flat no. 71 & 72 to Miss. Veeno S. Johan and and Flat No. 81 to 84 to Mrs. Malt! S. Johari. Thereafter, vide our letter dated 14.111996 we had change the said allotment in place of flat no. 81 to 84 and 71 & 72 t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orts too, cost of additional amenities was further confirmed by the developers MIs. Choudhury & Choudhury (India) Ltd by their letter dated 13-09-2010, which was examined and accepted by the AO. 9.3 Looking to the overall facts and circumstances of the case, the AO is directed to take the cost of acquisition of the three row house 10A, 10B and 11B at Rs. 53,69,696/- instead of Rs. 33 lac as adopted in the assessment order." 7. When a query was put to the learned CIT DR, she could not controvert the facts stated above, she merely relied on the revision order passed by CIT(A) under section 263 of the Act. 8. After going through the facts and circumstances of the case, we are of the view that the evidences clearly leads us to th....