Deduction U/S 54 Claimed Against House Boat, Not Acceptable

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot) Conclusion Cost Of Acquisition – When AO cannot refer to DVO, he has to accept the valuation report of the registered valuer of the assessee and adopt the value accordingly. Cost Of Improvement – Proper documents needs to be submitted with regard to cost of improvement and in absence of the same cost of improvement cannot be accepted. Deduction U/S 54 – In absence of registered sale deed, the house boat purchased cannot be said as residential house and hence deduction u/s 54 cannot be allowed. Further The same cannot be equated with th...