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Income Tax Appellate Tribunal, “SMC - B ” BENCH : BANGALORE
Before: SHRI A.K. GARODIA
per agreement of Rs.20 lakhs, Rs.18,45,040 was actually paid and therefore there is no capital gain on the sale of this land for Rs.13,54,000.
The ld. DR of revenue supported the orders of authorities below.
I have considered the rival submissions. I find that the sale value has been taken by the AO for the flat at Rs.13.54 lakhs but he has considered the cost of acquisition for transfer of undivided share in land only and has disregarded the cost of construction. When the cost of construction is also considered, there is no capital gain on sale of this property and therefore, I delete the addition made by the AO and confirmed by the ld. CIT(Appeals).
In the result, the appeal of assessee is allowed.
Pronounced in the open court on this 23rd day of February, 2017.