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P.K.BANSAL, R.K.GUPTA
Subhash Chand Kapoor – Appellant
Versus
Income-tax Officer-1(1), Agra – Respondent
P.K. Bansal, Accountant Member. - These two appeals have been filed by two different assessees. As the facts involved in both the appeals are common, therefore, both these appeals are disposed of by this common order. ITA No.663/Agr/2008 has been filed by the assessee against the order of the CIT(A) dated 10-9-2008 by taking the following effective grounds of appeal :-
"(1)Because the learned authorities below have erred on facts and in law in working out the cost of acquisition excluding the fair market value of the residential building which existed on the date of transfer of the long term capital asset.
(2)Because the learned authorities below have erred on facts and in law in disallowing the exemption claimed under section 54 on sale of residential house on the basis that as per the sale deed the assessee had sold plot of land. They have ignored the submissions and the affidavit filed by the assessee that to facilitate the sale, plot of land was mentioned, but in fact what was sold was residential house which is fully proved and established with reference to —
-Report of approved valuer
-Receipt for payment of municipal taxes
-Letter of discontinuance of electric connection
-Aff
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