Indexed Cost of Improvement Incurred Wholly and Exclusively for Transfer of Asset Allowable as Deduction u/s 48 of Income Tax Act: ITAT [Read Order]

Indexed - Improvement - Wholly - Exclusively - Transfer - Asset - Deduction - Income-Tax -Act-ITAT

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the indexed cost of improvement incurred wholly and exclusively for transfer of assets would be allowable as deduction under Section 48 of the Income Tax Act 1961. The appellant, Nitaben M. Patel filed a return of income for the year under consideration declaring…

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