The reassessment arose from computation of long-term capital gains on sale of immovable property. The Assessing Officer denied the assessee’s claim for indexed cost of improvement on the ground that the expenditure represented repairs, maintenance and furniture rather than improvement to the capital asset and that supporting evidence regarding the suppliers and payments had not been furnished. The Tribunal agreed that such expenditure was prima facie not allowable as cost of improvement. However, considering the assessee’s request for one further opportunity and the peculiar facts of the case, the matter was restored to the Assessing Officer for fresh verification and determination of the correct taxable capital gains in accordance with law. (AY. 2015-16).<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 48: Capital gains-Cost of improvement-Expenditure in nature of repairs and furniture not allowable-Matter remanded for fresh verification. [S. 45, 50C]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-63770","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gAy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63770","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=63770"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63770\/revisions"}],"predecessor-version":[{"id":63771,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63770\/revisions\/63771"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=63770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=63770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=63770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}