ITO 24(2)(5), MUMBAI vs. SHRI. MOHMMED IQBAL MOHD. AFAQUE KHAN, PANVEL
In the result, appeal of the revenue is dismissed
ITA 1421/MUM/2019[2012-13]Status: DisposedITAT Mumbai21 Jun 2022AY 2012-13
Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 24(2)(5) V. Shri Mohammed Iqbal Mohd. Afaque Khan A-602, Plot No. 447 Room No. 611, Piramal Chambers Highland Park Chs Ltd., Lalbaug, Mumbai – 400 012 Opp. Morarji Takka, Panvel -410206 Pan: Aacpk7522M (Appellant) (Respondent) Assessee By : None Department By : Shri M.P. Ahuja
For Appellant: NoneFor Respondent: Shri M.P. Ahuja
Section 143(2)Section 68
section can disallow the deduction of a legitimate cost incurred on the asset. Out of the above Rs.8,85,150/- is cost of improvement on the land sold. Hence the same is deducted. The interest has been considered on Land sold for the last two years.
Details is attached. The interest is paid and TDS has been duly deducted
