Fair market value on area allotted under occupancy certificated accepted: ITAT Bangalore

ITO Vs Govindappa Jayaram Doddiah (HUF) (ITAT Bangalore) ITAT Bangalore held that CIT(A) rightly accepted the fair market value on the area allotted under occupancy certificate since AO without having any records, had added 14% on the area offered to tax, only for the reason that in the real estate parlance, the super built-up area of the premises is the saleable area. Facts- The case of the assessee was selected under CASS for examining the capital gains and the claim of exemption u/s. 54 of the act. AO estimated the long term capital gain by disallowing the cost of improvement on the ground ...