2021 (1) TMI 288

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....ived on 14.07.2020. 2. In this appeal assessee has challenged the order of Ld. CIT(A) in confirming the disallowance of indexed cost of improvement of Rs. 4,18,500/- claimed by the assessee on sale of plots, thereby computing the long term capital gain at Rs. 4,17,235/- as against long term capital loss of Rs. 1,265/- computed by the assessee. 3. The Hon'ble ITAT at Para 6 of the order held that in the sale deed executed by the assessee the description of the property sold is shown as residential plot and the site plan attached with the sale deed also depicts the plot of land and doesn't show any constructed area thereon. But at the same time there is averment towards the end of the said sale deed that in the plot so sold ther....

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....elied on the findings of the Tribunal and submitted that the findings have been arrived at after appreciating all the relevant facts and circumstances of the case and the misc. application so filed by the assessee deserve to be dismissed. 4. We have heard the rival contentions and perused the material available on record including the order passed by the Coordinate Bench and its relevant finding which read as under: "6. We have heard the rival submissions and perused the material available on record. The assessee owns a plot of land measuring 200 sq yards and a part of the said plot measuring 133.33 sq yards, has been sold during the year. On perusal of the sale deed so executed by the assessee, the description of the property sold is sh....

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....with verifiable evidence that there was actual construction on the property so sold, these agreement and affidavit cannot come to the aid of the assessee. The agreement is only an understanding between the two parties to carry out certain work and therefore, merely reflect an intention and understanding between the two parties and cannot therefore be relied to support the actual construction on the part of the plot of land so sold by the assessee. The subsequent affidavit talks about period starting 4.5.2009 and ending on 31.12.2009 during which the work was carried on and we find that the sale deed has thereafter been executed in less than a month on 18.01.2010. Firstly, we find it unusual that construction of 900 sq feet as so claimed by ....