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 a

Please become a Premium member. If you are already a Premium member, login here to access the full content.