TaxTMI 
TaxTMI 
2019 (3) TMI 1107
X X X X Extracts X X X X
X X X X Extracts X X X X
....ce. 2. Briefly stated, the facts of the case are that the assessee, Sh. Vijaykumar Premnath Bhatt along with his wife, the other assessee, namely, Ms. Shahi Bala, transferred certain piece of land for a consideration of Rs. 2.12 crore on 18-06-2012. The case was selected for scrutiny under Computer Assisted Scrutiny Selection (CASS). The assessee had shown long term capital gain of Rs. 50,41,580/- against the sale consideration of Rs. 2.12 crore. After claiming certain expenditure of sale, i.e. development of land, commission expenses and after indexation of cost of land and further claiming exemption u/s.54F etc., the assessees claimed total long term capital gain at Nil. The Assessing Officer (AO) verified certain aspects of such co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mine the claim of the assessee in respect of commission paid to these two persons at Rs. 8.00 lakh which is shared by both the assessees in question. 4. The other ground is against the development cost of land claimed by the assessee at Rs. 28,93,620/-. 5. The assessees claimed that they purchased a land in the month of June, 2003 at a total cost of Rs. 4,84,700/-. Thereafter, expenses were incurred for the development of such land in the form of construction of boundary wall, borewell expenses, excavation work, electrical pump, water tank and labour payment etc. It was only such developed land which was sold to the purchaser. The assessee was called upon to submit the bills and vouchers in respect of such expenses. The assessee claim....
X X X X Extracts X X X X
X X X X Extracts X X X X
....urred by the assessee in this regard. Such an ad hoc addition, in our considered opinion, cannot be sustained. We, therefore, order to delete the addition. 7. The next ground is against the exemption claimed u/s.54F of the Act. 8. The assessee claimed exemption u/s.54F by contending that he incurred expenditure of Rs. 24,36,997/- on the construction of residential house at the remaining plot of the unsold land. Out of such expenditure, the assessee claimed "only a sum of Rs. 20.00 lakh was devoted to residential house". The Inspector who carried out verification, reported that the unsold land was developed by the assessee and his wife by means of boundary wall, leveling of land, construction of borewells, electrical pump sets etc., un....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hat the AO, while rejecting the assessee's claim, has observed that "further construction of the house is going on at Amritsar, Punjab. Physical verification of the same is not possible due to paucity of time and distance from Pune". The assessee also could not produce any invoices of the construction material claimed to have been purchased and used in respect of its Punjab property. Under these circumstances, we are of the considered opinion that the ends of justice would meet adequately if the impugned order on this score is set-aside. We order accordingly and direct the AO to verify the assessee's claim in this regard with relevant documents. The assessee is directed to produce documents in support of the claim. Needless to say, the asse....