TaxTMI 
TaxTMI 
2022 (8) TMI 1018
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....3(3) of the Act on 15-12-2016. The grounds of appeal taken by the assessee read as under: 1.a) The learned CIT(Appeals) has erred by not fully considering the evidence towards the cost of construction of new house property. He has not considered the Confirmation by the builder for the amount received by him from appellant for construction. b) The learned CIT(Appeals) vide para 28 of his order u/s. 250(6) has held that "Regarding the cost of construction of new residential house property, the assessee claimed to have paid a sum of Rs.74,09,924/- to the contractor Sh.J.Baskaran prop. Of Mis. A.B.Constructions. It is pertinent to mention here that the entire amount was expended in cash only, thereby erring with respect to the material part....
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....ted 14.07.2016. The AO's action in disallowing House Rent Allowance Exemption when the limited scrutiny notice is for i) Cash Deposit and ii) Deduction claimed under the Head Capital Gains is ultra vires of section 133(3) in view of above Board Instruction. 3) The appellant craves leave to add, amend, modify, rescind or alter any ground of appeal. As evident, the assessee is primarily aggrieved by computation of capital gains and denial of full deduction u/s 54/54F. 2. The Ld. AR advanced arguments assailing the additions sustained in the impugned order which has been controverted by Ld. Sr. DR. Having heard rival submissions and after perusal of case records, our adjudication would be as under. Assessment Proceedings 3. The facts qua....
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....onstruction cost was restricted to Rs.49.95 Lacs. In other words, the deduction was restricted to Rs.117.99 Lacs and taxable capital gains were worked out as Rs.43.79 Lacs. 5. The revised computation of capital gains as submitted by assessee before Ld. AO during remand proceedings was as under: - INCOME FROM CAPITAL GAINS PROPERTY 1 PROPERTY 2 PARTICULARS THIRUVALLUR KOLATHUR Sale Consideration 14,112,000 4,290,000 (coies of sale deeds have already been submitted during Appellate/Remand Proceedings and upheld) (Date:02.09.2013) (Date:05.09.2013) Net Consideration 14,112,000 4,290,000 Sale Consideration u/s 50C (It is Confirmed as stamp duty @ 7% is calculated on this value by the Registering Authority) 14,112,000 ....
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....ran prop. of M/s AB Constructions who filed reply dated 21.12.2017 along with copy of construction agreement, full details of extra work done and copies of bank statements. However, it was submitted by him that income was below taxable limit and therefore, no books were maintained and no tax returns were filed. Considering the same, it was noted by Ld. AO that the construction agreement stipulated payment of Rs.49.95 Lacs @ Rs.1350/- per square feets. An additional amount of Rs.24.14 Lacs was stated to be paid by the assessee to him for additional work done. Rejecting the additional cost paid by the assessee, Ld. AO restricted the claim to the extent of Rs.49.95 Lacs. The direct construction cost of Rs.40.85 Lacs as stated to be paid by the....
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....nbsp; A B X C = 12206105 x 11799180 = Rs.78,26,434 A 18402000 From the above Taxable LTCG for the A.Y. 2014-15 is worked as under: Total LTCG for the A.Y 2014-15 : Rs. 1,22,06,105/- Less: Deduction u/s. 54F : Rs. 78,26,434/- Net Taxable LTCG for the A.Y. 2014-15 : Rs. 43,79,671/- Aggrieved as aforesaid, the assessee is in further appeal before us. Our findings and Adjudication 7. Upon careful consideration, we find that the assessee has paid construction cost of Rs.74.09 Lacs to Shri J. Bhaskaran prop. of M/s AB Constructions under a construction agreement. The perusa....