Case Law Details
Ravikumar Tirupati Parthasarathy Vs DCIT (ITAT Bangalore)
ITAT Bangalore held that merely for the reason that the assignment agreement is not registered, the actual outflow from the hands of the assessee towards acquisition of the property cannot be ignored for computing the capital gains.
Facts-
The assessee is a non-resident individual working in Netherlands. The case was selected for scrutiny. The assessee being an eligible assessee as per the provisions of section 144C of the Act, the AO completed the assessment u/s. 143(3) r.w.s. 144C by issuing a draft assessment order in which an addition of Rs.52,89,346 was made towards capital gains. Aggrieved, the assessee filed its objections before the DRP, who confirmed the said addition. AO in the final assessment order considered the correct indexation value of the year of acquisition and revised the addition to Rs.64,60,469. The assessee is in appeal before the Tribunal against the final order of assessment in accordance with the directions of the DRP.
The only issue contended in this appeal through various grounds raised by the assessee is the cost of acquisition considered by the AO at Rs.49,08,340 as against Rs.70,00,000 considered by the assessee while computing the capital gains.
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