Assessee sold a property and while working out long-term capital gains (LTCG) claimed indexed cost of construction\/improvement of certain amount. Assessee contended that amount had been withdrawn from capital account of a finance company for making investment in construction and a copy of capital account and withdrawals so made were submitted before Assessing Officer\u00a0 However, assessee had not produced bills and vouchers in support of investments so made by it. Accordingly, out of total amount, certain amount was not considered eligible as cost of construction\/improvement while working out LTCG and an addition was made on account of same under head LTCG. Tribunal held that\u00a0 the\u00a0 assessee had filed a copy of valuation report in support of his claim for construction and improvement cost wherein value of construction of property was determined at certain amount, however, same was not considered\u00a0 hence the issue is\u00a0 set aside matter to file of Assessing Officer to examine such valuation report and decide matter afresh.\u00a0 (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 48 : Capital gains-Mode of Computation-Indexed cost of construction\/improvement of certain amount Cost of construction-Failure to produce bills-Matter remanded to examine the valuation report.[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":[21],"tags":[],"class_list":["post-44332","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bx2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44332","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=44332"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44332\/revisions"}],"predecessor-version":[{"id":44333,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44332\/revisions\/44333"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}