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TMI Blog2013 (12) TMI 1584X X X X Extracts X X X X X X X X Extracts X X X X ..... he builder/developer (construction agreement) thereafter decide whether the developer has provided these things or not and decide the issue in accordance with law. Accordingly, this issue is remitted to the file of the Assessing Officer for fresh consideration. - ITA.No.755/Hyd/2013 - - - Dated:- 20-12-2013 - SHRI CHANDRA POOJARI, A.M. AND SMT. ASHA VIJAYARAGHAVAN, J.M. For the Appellant : Shri DV. Anjaneyulu (FCA) For the Respondent Shri Solgy Jose T. Kottaram ORDER PER SMT. ASHA VIJAYARAGHAVAN, J.M. This appeal by the assessee is directed against the Order of the CIT(A)-V, dated 20.02.2013 for the assessment year 2007-08. The assessee has raised the following grounds : 1. The order of the learned Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07-08, the assessee filed his return of income on 17.12.2007 admitting total income of ₹ 14,83,403/-. Assessment under section 143(3) of the Act was completed determining the total income of the assessee at ₹ 14,83,403/- and long term capital gains of ₹ 48,70,478/- (disallowance of capital gains exemption of ₹ 24,75,787/- and LTCG on basis of development agreement of ₹ 23,94,691/-). The assessee admitted ₹ 51,70,829/- towards capital gains and claimed the same as exempt under section 54F of the Act. The Assessing Officer observing that the cost of house includes interior, carpentary works and furniture expenses will not go into the cost of house as contemplated under section 54F of the Act, disallowed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A). 7. We have heard both the parties and perused the material available on record. Admittedly, in this case, the assessee claims expenditure incurred after purchase of the flat. The flat was purchased by the assessee in semi finished state and vide sale deed dated 4th May, 2005. Thereafter, these expenditure was incurred. The learned Counsel for the assessee also relied on the Order of the Tribunal in the case of Mrs. Gulshan Banoo R. Mukhi vs. JCIT 83 ITD 649 (Mum.) wherein it was held that cost of new house for the purpose of section 54, include not only cost of purchase of new house but also includes other necessary expenditure to make house habitual. He also relied on the Order of the Ahmedabad Bench in the case of Shri Srinivasa R. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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