TaxTMI 
TaxTMI 
2021 (7) TMI 626
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....und in her appeal however, the cruxes of the issues are that: (i) The Ld. CIT (A) has erred in confirming the addition made by the ld. AO being disallowance of expenditure incurred towards cost of improvement of the property amounting to Rs. 23,52,968/- while computing the LTCG of the assessee. (ii) The ld. CIT (A) has erred in confirming the addition made by the ld. AO being disallowance of expenditure incurred for the transfer of the capital asset amounting to Rs. 11,61,843/-. (iii) ADDITIONAL GROUND: The ld. CIT (A) has erred in confirming the addition made by the ld. AO on account of interest chargeable U/s. 234A, B and C of the Act because the entire LTCG tax payable by the assessee is deductible at source by....
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....e to show the existence of the watchman quarters other than an affidavit of Sri S. Parvatalu confirming the receipt of payment towards construction of watchman quarters along with his PAN.. On appeal, the Ld. CIT (A) confirmed the order of the Ld. AO. The Ld. AR argued by stating that the expenditure incurred by the assessee towards construction of the watchman quarters is genuine. The Ld. DR on the other hand relied on the orders of the Ld. Revenue Authorities. After hearing both sides and examining the issue, we do not find it necessary to interfere with the orders of the Ld. Revenue Authorities because assessee has not furnished any cogent evidence for having paid the amount of Rs. 3 lakhs to Sri S. Parvatalu other than an affidavit from....
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....4/- towards telephone charges and Rs. 1,54,312/- towards travelling charges which are attributable towards cost of improvement of the property. The Ld. AO disallowed this expenditure while computing the LTCG of the assessee because the mode of computation stated in section 48 of the Act only stipulates deduction towards expenditure incurred only and exclusively in connection with the transfer of the property and towards cost of improvement of the property. The ld. AO was of the view that the expenditure incurred by the assessee was not towards improvement of the asset but only to maintain the asset. The ld. AO had also relied on certain decisions mentioned in his order and thereafter made the disallowance for the above stated amounts which ....
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....lusion that the assessee has spent an amount of Rs. 2,76,314/- for the same. Since Sri Ravi Kiran Lakkaraju had also executed another sale deed belonging to his brother Sri Chandrasekhar Lakkaraju, the Ld. AO allowed 50% of the expenditure incurred towards travelling as allowable deduction which works out to Rs. 1,38,157/-. Since there were no evidence for any expenditure incurred by the assessee towards transfer of the property other than the above, the balance amount of Rs. 11,61,843/- was disallowed by the Ld. AO which was further confirmed by the Ld. CIT (A). On this issue also, we do not find it necessary to interfere with the order of the ld. Revenue Authorities, because the assessee has not provided any cogent evidence to establish t....