2021 (5) TMI 183

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..... furniture and should be allowed in toto - HELD THAT:- As the cost of acquisition is the price paid by the assessee for the purchase of the house and also the expenditure towards the repairs made by him to make the house habitable and no other expenditure is to be allowed u/s. 54 of the Act. As regards the details of the expenditure furnished of the assessee which are being sought as exempt by the .....

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..... 8 admitting income of ₹ 7,14,270/-. The case was selected for scrutiny under CASS and during the assessment proceedings u/s. 143(3) of the Act, the Assessing Officer observed that the assessee, alongwith his mother, sold their house property admeasuring 875 sq. yards during the financial year 2015-16 at Banjara Hills Hyderabad, for a sale consideration of ₹ 2,85,00,000 and that the ass .....

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..... t of acquisition and indexed cost of acquisition and cost of the improvement to the extent of ₹ 1,59,00,100 being the assessee's share. Aggrieved, the assessee preferred an appeal before the CIT (A) who confirmed the order of the Assessing Officer and the assessee is in second appeal before the Tribunal by raising the following grounds of appeal: 1. On the facts and in the circumsta .....

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..... r purchase of new residential house and the balance amount of ₹ 9,85,000 was incurred towards repair charges to make the residential house fit for occupation. For these and other grounds that may be urged at the time of hearing, it is prayed that the Hon'ble Tribunal may be pleased to allow the appeal. 3. The learned Counsel for the assessee submitted that the assessee and his .....

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..... nd no other expenditure is to be allowed u/s. 54 of the Act. As regards the details of the expenditure furnished in page 31 of the paper book of the assessee which are being sought as exempt by the assessee, I find that except for the expenditure incurred by the assessee towards electrical, water leakage problem and plumbing work, no other expenditure is required to be incurred for making the hous .....

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