TaxTMI 
TaxTMI 
2025 (9) TMI 1555
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....ssessee reads as under:- "1. On the facts and circumstances of the case and in law, the learned Assessing Officer erred in disallowing the expenses incurred for the interior fit-outs by the Appellant as cost of improvement in computing the capital gains on the sale of the property. 2. Without prejudice to the above, once the expenses incurred for interior fit-outs were not allowed as cost of improvement, the learned Assessing Officer ought to have allowed the same as cost of acquisition of the property while computing the capital gains of the property." 3. Briefly stated the facts of the case are that the assessee filed her return of income on 30.12.2021 declaring total income of Rs. 2,16,40,200/-. During the year under....
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....nt claimed by the assessee is not acceptable and made the addition accordingly. 7. The assessee carried the matter before the CIT(A) but without any success. 8. Before us, the counsel for the assessee vehemently stated that as per the agreement with DLF Hotels and Apartment Pvt. Ltd. dated 31.05.2010, the assessee had made payments for civil and electrical work as the flat was purchases as a "Khoka" flat. The learned counsel stated that after receiving the occupancy certificate civil and electrical work were completed on 29.03.2014 and letter of possession was given on 31.03.2014. Thereafter, the assessee leased out flat on 25.06.2014 and sold vide agreement for sale of flat dated 04.11.2020. The counsel further stated that the assump....
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....ons and the Scope of the work in terms of this Agreement (hereinafter referred to as the "Fit Out Work). G. AND WHEREAS the Project Management Company has explained and the Apartment Allottee has understood and agreed that the Fit Out Work will be executed by Project Management. Company and/or one or more third party service providers (hereinafter referred to as the "Project Execution Company(s)")." 11. The scope of work as per Annexure-1 read as under: "The Scope of Work as part of the interior Fit-out works to include: Marble flooring Exquisite imported marble adorns the apartment floors starting from an inviting entrance foyer, flowing un-interrupted through living and dining spaces all the way to t....
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.... per design. Wardrobes and cabinets Built-in modular designer wardrobe with ample storage options in combination of wood and mirror to complement wooden floors and under counter toilet cabinetry, complete with top quality, high performance hardware. Toilet fittings and fixtures World class toilet fixtures like vanity counter, elegant water closet, glass enclosed shower cubicles in all the toilets and jacuzzi bath tub in master toilet complemented by designer fittings including hot water geysers, water supply piping, drainage, insulation, etc. Modular kitchen The high end kitchen cabinetry incorporates warm timber finishes, premium granite worktop, fully equipped with built-in quality app....