Revenue’s Capital Gain Estimation Deleted for Ignoring Co-Owners’ Accepted Costs

Advertisement Jay Kishan Soni Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad Allows Capital-Loss Claim: Long-Term Maintenance Expenditure Accepted Despite Missing Bills In this appeal, Assessee, a joint owner of an old building rented to a Government School, challenged the action of AO & CIT(A) in treating ₹6,00,000 as long-term capital gain by restricting indexed cost of acquisition to ₹1,10,000 & rejecting Assessee’s claim of having incurred development & maintenance expenditure over nearly 20 years. Assessee had declared a long-term capital loss of ₹2,13,882 based on indexed ...