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Value of building not mentioned in fixed assets hence claim of deduction of cost not allowable
Case Law Details
- Case Name
- DCIT Vs A.M. Builders and Developers (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Bangalore
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DCIT Vs A.M. Builders and Developers (ITAT Bangalore)
ITAT Bangalore held that claim of deduction of cost of building is not allowable as there was no mentioning of any value of the building in the schedule of the fixed assets.
Facts- Assessee contested disallowance of indexed cost of improvement of Rs. 26,52,22,757/-.
Facts of the case are the assessee owned a property at Veerasandra village, Attibele Hobli, Anekal Taluk, Bangalore District, Bangalore which was sold to M/s Titan Company Ltd. for a consideration of Rs.51,43,40,778/-. The AO found that there was a constructio...
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