9911796707
TMI Blog2024 (7) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... efit has to be given to the assessee based on the cost of acquisition of Rs. 45 lakhs. We direct the AO to delete the addition of Rs. 33,73,120/- made towards long term capital gain and accept the computation of income of the assessee. This ground is allowed. Denial of benefit of carry forward of capital loss - assessee had claimed long term capital loss for both properties sold, but the AO did not allow set off and carry forward of the long term capital loss - As per DRP direction though AO set off the long term capital gain computed on sale of commercial property against long term capital loss on sale of residential property, however, he did not allow carry forward of the long term capital loss remaining after set off - HELD THAT:- We are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rgaon for a total consideration of Rs. 59,60,000/-. In the computation of income, after claiming indexation benefit the assessee claimed long term capital loss in respect of both the properties sold. While verifying the return of income and computation of income furnished by the assessee, the Assessing Officer noticed that as against the sale consideration of Rs. 3,05,00,000/- received in respect of residential property, the assessee had acquired it for a consideration of Rs. 3,81,02,159/-. Whereas, in respect of the commercial property, as against the sale consideration of Rs. 59,60,000/-, the assessee has set off indexed cost of acquisition of Rs. 69,46,598/- and claimed long term capital loss of Rs. 9,86,598/-. 4. After calling for and e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequently, the assessee entered into an agreement to sale with Sh. Rajan Chanana on 1st April, 2012 for purchasing the property for a total consideration of Rs. 45 lakhs. He submitted, the entire sale consideration of Rs. 45 lakhs was paid to Mr. Rajan Chanana through two cheques dated 06.03.2012 and 01.04.2012. He submitted, after receiving the consideration, Mr. Rajan Chanana furnished an undertaking to the developer, M/s. Baani Technology Services (P) Ltd. for transferring the property to the name of the assessee. He submitted, pursuant to such undertaking, the developer, M/s. Baani Technology Services (P) Ltd. executed the conveyance deed in favour of the assessee on 13.03.2019. However, he submitted, in so far as the assessee is con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale consideration of Rs. 21,65,280/- along with stamp duty of Rs. 3,41,040/-. However, as far as the assessee is concerned, he has paid an amount of Rs. 45 lakhs to Mr. Rajan Chanana towards sale consideration of the property. In fact, the conveyance deed between the assessee and M/s. Baani Technology Services (P) Ltd. clearly indicates that the stamp duty authority has determined the value of the property for stamp duty purpose at Rs. 48,71,880/-. 8. Thus, as on the date of the conveyance deed, the value of the property is more than Rs. 45 lakhs. Moreover, there is direct evidence on record, which indicates that the assessee, in fact, had paid the consideration of Rs. 45 lakhs to Mr. Rajan Chanana through cheques for purchasing the propert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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