Claim of Deduction by Mistake against Other Property which was otherwise Considerable: ITAT Allows Deduction as to Cost of Improvement u/s 48(ii) [Read Order]

Claim of Deduction by Mistake Property - otherwise Considerable - ITAT Allows Deduction Cost of Improvement -TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction as to cost of improvement under Section 48(ii) of Income Tax Act as the deduction has been claimed by mistake against the other property which was otherwise considerable. The assessee, Dappled Paper Industries Pvt. Ltd. had filed a return which was processed…

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