Section 50C Cannot Deny Indexed Cost of Improvement Claim: ITAT Hyderabad

Advertisement Dilip Kumar Gupta Vs DCIT (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT), Hyderabad, allowed the assessee’s appeal for statistical purposes, holding that there is no restriction under Section 50C of the Income Tax Act on claiming the indexed cost of improvement while computing long-term capital gains (LTCG) based on the deemed sale consideration. However, it remanded the matter to the Assessing Officer (AO) for the limited purpose of verifying the quantum of the indexed cost of improvement claimed by the assessee. The assessee had sold an immovable property during...