Payment For Removal of Encumbrances Deductible U/s 48(1)

Shri Dinar Umeshkumar More Vs ITO (ITAT Pune) FACTS – Assessee his wife and sister executed a deed of conveyance on 28.07.2010 with M/s. Jayesh in respect of property measuring 429 sq. mtr. along with building standing thereon known as ‘Sai Chhaya’ for consideration of INR 51 Lakhs and 2 flats measuring 900 Sq. ft. in the new building to be constructed on the said plot. Out of the 2 flats, one of the flat of 405 sq. ft. was to be given to Shri Uday and his relative, the hitherto occupants and consenting parties, whereas, another flat of 495 sq. ft. was to be retained by the assessee and ...