Wrong Valuation Report Leads to Capital Gains Addition

Sowmya Chalasani Vs ITO (ITAT Hyderabad) Cost of Improvement Cannot Be Denied for Bona Fide Evidence Error: ITAT Hyderabad Remands Capital Gains Computation The Hyderabad Bench of the ITAT allowed the assessee’s appeal for AY 2018-19 for statistical purposes, holding that the disallowance of cost of improvement while computing long-term capital gains was unsustainable where the assessee had committed a bona fide mistake in filing an incorrect valuation report. The Assessing Officer computed LTCG of ₹8.39 crore by rejecting the assessee’s claim of cost of improvement (indexed) on the grou...