2023 (3) TMI 660

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....T(A) has erred in rejecting the claim of the assessee in respect of indexed cost of improvement on Rs.3,41,000/- base don valuation report of the registered valuer being construction made by the assessee through a contractor on the ground floor and at first floor on Plot No. 40A, situated at Krishna Colony, Ramgarh Mode, Jaipur during the financial yeawr 2000-2001, notwithstanding the fact that the valuation report of the said property submitted before the ld. CIT(A) as an evidence and for which the ld.CIT(A) himself observed that "on verification of the documentary evidence and the valuation report, the claim of the assessee is appeared to be reasonable. '"'In view of these facts, the ld. CIT(A) was not justified in not accepting the claim....

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....r verification of the genuineness of the relevant purchase document and then pass the order partly allowing the appeal. Ground Nos. (1) to (3) are thus partly allowed subject to condition mentioned as above. 5.0 In the result, the appeal of the appellant is hereby partly allowed." 2.2 During the course of hearing, the ld. AR of the assessee prayed that the ld. CIT(A) was not correct in observing that the assessee had submitted only valuation report from the approved valuer and not submitted any other documentary evidences like building plan approval, property tax receipt, if any, cost of improvement with its sources and bills and vouchers. The ld. AR further submitted that written submission alongwith supporting documentary evid....

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....He further submitted that when the assessee has made construction work on 870 Sq. Fts. mentioned in the Sale Deed and Map of the property then the assessee is eligible for benefit of indexed cost of improvement while computing the LTCG for which the ld. AR relied on the decision of ITAT Jaipur Bench dated 18-06-2020 in the case of ACIT vs Ijyaraj Singh (ITA No. 152/JP/2019-A.Y. 2013 -14 ) and Shri Ijyaraj Singh vs ACIT (ITA No. 91/JP/2019-A.Y. 2013-14). He further submitted that when construction work is clearly mentioned in the sale deed and shown in the Map which is part of the sale deed and also supported by the valuation report of the Registered Valuer and the affidavit of the Contractor then the ld. CIT(A) was not justified in rejectin....

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....ike (i) Rs.1,80,000/- (given by the wife of the assessee out of her Istri Dhan (ii) Rs.90,000/- (given bythe father of the assessee in instalments) (iii) Rs.78,000/- (out of the funds available with the assessee) for which the assessee has filed an affidavit (PB 30-31). The assesse has also filed an affidavit of Contractor Shri Om Prakash Kumawat (PB 32-33). The Bench has also given its verdict in assessee's case in ITA No.95/JP//2022 dated 15-09-2022 for the assessment year 2011-12 on the issue of penalty u/s 271F of the Act, as under:- "3.4 After hearing both the parties, perusing the materials available on record and appreciating the details submitted by the ld. AR of the assessee, it is noted that the cost of acquisition of plo....