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Cost of construction based upon actual expenditure most appropriate for computation of capital gain
Case Law Details
- Case Name
- Assistant Commissioner of Income-tax Vs. National Cooperative Consumers Federation of India Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002-03
- Courts
- All ITAT, ITAT Delhi
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We have considered the facts of the case and submissions made before us. According to us, the best evidence regarding cost of construction is from Devika, who constructed the building. In response to summons u/s 131, Devika filed a copy of the agreement, an unsigned valuation report prepared by Shri Charanjit S. Shah and a copy of balance-sheet as on 31.03.2002. The balance-sheet shows capital work-in-progress as on 31.03.2002 at Rs.2,50,30,642/-, half of which amounts to Rs. 1,25,15,372/-.
By way of another letter dated 29.10.2009, it also furnished the cost of construction as on 31.03.2002...
