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Profit from sale of unfinished building taxable as long or short term capital gains
Case Law Details
- Case Name
- Thayappa Balakrishna Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-2012
- Courts
- All ITAT, ITAT Bangalore
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Thayappa Balakrishna Vs ACIT (ITAT Bangalore)
As rightly pointed out by the first appellate authority, the claim of assessee to include a sum of Rs.64,97,173 (cost of unfinished building as on 31.03.2010 as per balance sheet) to cost of improvement cannot be accepted for two reasons. Firstly, the assessee had only sold vacant site and the same is evident from the sale deed dated 19.07.2010. Secondly, the assessee himself submitted a receipt on stamp paper showing a receipt of Rs.96,04,899 towards sale of building material and fixtures from demolished building. The assessee, therefore, cannot t...
