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Case Law Details

Case Name : Shri R.Satish Kumar Reddy Vs ACIT (ITAT Hyderabad)
Appeal Number : ITA. No. 1681/Hyd/2011
Date of Judgement/Order : 18/10/2013
Related Assessment Year : 2008- 2009
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CA Sandeep Kanoi

Issue, Submission before A.O. and Decision by A.O.

As regards the addition of Long Term Capital Gains, the assessee during the relevant assessment year sold a residential property bearing D.No 8-2-293/82/L/78C, Road No 12, Jubliee Hills, Hyderabad admeasuring 450 square yards with a built up area of 64 square feet for a gross consideration of Rs.2,41 ,00,000/- . After considering the expenses on transfer of Rs.4,82,000/- the net sale consideration is Rs.2,36,18,000/-. The said property was purchased by the assessee on 26/08/1989 for a consideration of Rs.1,04,661/- break up of which is as follows :

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