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TMI Blog2014 (1) TMI 303X X X X Extracts X X X X X X X X Extracts X X X X ..... - the assessee himself carried out the unfinished portion of the building without which he could not have used that property as dubbing and recording theatre - the assessee has sold the property, i.e., dubbing and recording theatre - The assessee has paid amounts to contractors deducting TDS – thus, the assessee cannot be denied cost of improvement for the purpose of computing capital gains simpl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of recording theatres filed return of income showing net taxable income at Rs. 34,80,280. The assessee also declared short-term capital gain of Rs. 35,48,200 in respect of sale of building at Hyderabad. The assessee while computing capital gains claimed cost of improvement of property at Rs. 39,69,500 which was paid to contractors for improvement and construction of the property. It was the submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum to Mr. P. V. Prasad for construction purposes. In respect of the balance of Rs. 13,17,000, paid to contractors the Commissioner of Income-tax (Appeals) denied the cost of improvement stating that the assessee himself admitted that contract work was not carried out by the above persons. The assessee is in appeal before us. Counsel for the assessee submits that the assessee made payments to v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the orders of the lower authorities and materials on record. It is a fact that the assessee made payments to sub-contractors which is not in dispute. The assessee also deducted TDS on such payments to contractors is also not in dispute. It is also a fact that the assessee himself carried out the unfinished portion of the building without which he could not have used that property as dubbing and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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