Indexed Cost of Land Cannot Be Denied on Presumption: ITAT Hyderabad

Balaji Finance Vs ITO (ITAT Hyderabad) Indexed Cost of Land Cannot Be Denied on Presumption: ITAT Hyderabad Restores LTCG Issue for Fresh Verification The Hyderabad Bench of the ITAT condoned an 89-day delay in filing the appeal on medical grounds and set aside the disallowance of indexed cost of acquisition of land while computing long-term capital gains, restoring the matter to the Assessing Officer for fresh verification. The assessee, a partnership firm, had sold an immovable property and claimed indexed cost of land of ₹23.01 lakh (based on FMV as on 01.04.2001) along with cost of const...