Indexed Cost of Renovation Allowed in Part: ITAT Grants Partial Relief to Assessee in Long-Term Capital Gain Dispute [Read Order]
The Tribunal asserted the importance of supporting renovation or improvement expenses with credible evidence, especially when claiming deductions from capital gains
In a recent ruling, the Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) granted partial relief to the assessee, Geetadevi Badrinarayan Panpaliya, by allowing part of the indexed cost of improvement claimed towards computation of long-term capital gain (LTCG), while holding that some renovation expenses lacked credible evidence. The appeal arose out of the…
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