The assessee sold its property for Rs.4. 58 crores and while computing capital gains claimed Rs.23. 31 lakhs as cost of acquisition. The AO added Rs.1.86 crores to sale consideration being refundable deposit made with State Industries Promotion Corporation at the time of obtaining lease which was now returned. The amount is assessed as short term capital gains on as relinquishment of its rights in property. On appeal the Tribunal held that if the said amount is considered as sale consideration the assessee is entitle it as cost of acquisition.\u00a0 Order of the Tribunal is affirmed by the High Court. \u00a0(AY. 2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 48 : Capital gains\u2013Cost of acquisition-Refundable deposit\u2013 Relinquishment of rights\u2013If refundable deposit is considered as sale consideration-Refundable deposit is to be considered as cost of acquisition. [S. 45]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10236","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2F6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10236"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10236\/revisions"}],"predecessor-version":[{"id":10237,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10236\/revisions\/10237"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}