TaxTMI 
TaxTMI 
2021 (11) TMI 968
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....arketing, installation and servicing of high technology, analytical and laboratory instruments, the returned income for the A.Y.2013-14 was electronically filed on 30/09/2013 declaring total income of Rs. 6,93,07,420/-. During the year, the assessee sold a residential flat bearing No.1401, 14th Floor, B-Wing, Tower-I, Ashok Gardens, Sewri, Mumbai. Assessee filed computation of long term capital gains showing long term gains after indexation of Rs. 1,87,62,681/-. The ld. AO observed that however in the return of income the same has been taken at Rs. 1,90,80,664/-. The assessee has claimed set off of brought forward long term capital loss to the extent of long term capital gain in the return of income. The assessee filed purchase agreement and sale agreement of the flat before the ld. AO. The flat was purchased by the assessee from SWAN Energy Ltd., As per the purchase deed dated 30/05/2012, the seller i.e. SWAN Energy Ltd., agreed to sell and transfer to the assessee the apartment No.401, 14th Floor, B-Wing, Tower-I, having carpet area of 1291 sq.ft i.e. 119.94 sq.mtrs alongwith right to use one car parking space for a total consideration of Rs. 83,03,500/-. We find that assessee ma....
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...., the asset transferred would be a long term capital asset thereby resulting in long term capital gains in the instant case. Assessee would also be eligible for benefit of indexation. 3.1. Having held that the asset transferred is a long term capital asset, the next question that arises for our consideration is whether the indexation benefit for cost of acquisition should be allowed to the assessee, based on the payments made in instalments and applying the cost inflation index in the relevant year of payment. We find that assessee itself had claimed indexation benefit by applying the cost inflation index in the year of payment of instalments. Hence, there is no dispute that arises in this regard. 3.2. In view of the aforesaid observations, we direct the ld. AO to accept long term capital gains returned by the assessee on sale of this flat and delete the addition made on account of capital gains made in this regard. Accordingly, the ground Nos. i & ii raised by the assessee are allowed. 4. The ground No.iii raised by the assessee is with regard to treatment of repairs and renovation expenses incurred by the assessee on the leased premises. 4.1. We have heard rival submi....
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....78364 14 Classic Fabrics Renovation Exps Fabrics 3300 3300 15 Pankaj Panchal Renovation Exps Labour charges 3780 3780 16 Paradise Ceramica (India) Pvt. Ltd., Renovation Exps Tiles, sink, tabs etc., 135337 135337 17 Raj Creations Renovation Exps Frosted vinyl film to be stuck on glass 88750 88750 18 Sharada Integrated Ventures Renovation Exps Roller Blinds 13636 13636 19 Standard Printing Solution Renovation Exps Name Plate 706613 706613 20 GVS Creation Renovation Exps 12.5% on total project cost 7369 7369 21 Ajit Shilpi Architect 607455 607455 31,28,918 4,39,457 34,967 47,84,034 83,87,376 4.2. From the aforesaid details given in tabulation, the ld. AO accepte....
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....he ld. AO. 5.1. We have heard rival submissions and perused the materials available on record. We find that assessee had claimed an amount of Rs. 21,05,758/- as foreign travel expenses on account of Managing Director. Since, the requisite details were not furnished by the assessee before the ld. AO, the ld. AO resorted to disallow 20% of the same on adhoc basis for attributing personal element of expenditure incurred thereon and disallowed Rs. 4,21,152/- in the assessment. During the course of appellate proceedings, the assessee filed the details of the names of the employees with their designation and date of commencement of travel together with the details of foreign travel of Managing Director. The details of entire foreign travel of employees are enclosed in page 37 of the paper book. The details of entire foreign travel of Managing Director are enclosed in page 116 of the paper book as under:- 5.2. The assessee also enclosed the entire bills in support of the aforesaid table from pages 117 to 289 of the paper book. It was pleaded by the assessee before the ld. CIT(A) that the Managing Director had incurred various expenses during his foreign travel which is meant for busine....