2025 (3) TMI 2103

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.... Heard both the parties at length. Case file perused. 3. Coming to the sole substantive issue between the parties regarding correctness of both the learned lower authorities' action disallowing the assessee's proportionate share in the cost of construction to the tune of Rs. 23,86,138/-; for the purpose of computing his long term capital gains. We note that the lower appellate discussion affirming the Assessing Officer's action to this effect reads as under: "12. Ground no. 7 relates to disallowance of Rs. 23,86,138/- (indexed cost) being proportionate share in the cost of construction incurred by previous owner before 01.04.2001 as allowable u/s 49(1) of the Act to the appellant. 12.1 The AO made disallowance of Rs 8,5....

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....01 2,04,34,342   B Estimated cost of old construction incurred by Late Smt. Leela Dhingra 01.04.2001 8,52,192       TOTAL(A) 2,12,86,534 5,96,02,295.20   Cost of improvement incurred by the appellant       C Free Hold Charges 2010-11 8,68,692   D Cost of Construction of New Building   70,16,773       TOTAL(B) 78,85,500.00 1,32,21,197.60       A+B 7,28,23,492.80 It is contended that the valuer has determined FMV of the property as on 01.04.2001 which comprises cost of land and cost of construction of house in the year of 1974 by the mother of th....