| |
| The Tax Publishers2019 TaxPub(DT) 6968 (Mum-Trib) INCOME TAX ACT, 1961
Section 41(1)
As assessee failed to substantiate the claim for cost of improvement capitalized with cost of land, while computing long-term capital gains, to serve the interest of justice matter was set aside to AO with one more opportunity given to assessee to explain its case before AO by filing necessary evidences of expenditure incurred on development of the land.
|
Capital gains - Computation - Cost of improvement - No evidence to substantiate assessee's claim--Assessee pleading documents mutilation due to building collapse
Assessee sold certain plot of land and claimed various expenses to be in nature of improvement cost of asset. AO disallowed claim for cost of improvement capitalized with cost of land, while computing long-term capital gains for want of evidences to substantiate this claim. Assessee contended that it could not produce documents as the same being damaged and mutilated in building collapse.Held: To serve the interest of justice matter was set aside to AO with one more opportunity given to assessee to explain its case before AO by filing necessary evidences of expenditure incurred on development of the land.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 41(1)
 SUBSCRIBE FOR FULL CONTENT
|