Cost of Land Conversion from Leasehold to Freehold allowable as Improvement Cost

Sujit Majumdar Vs ITO (ITAT Allahabad) The issue before us is within narrow compass and concerns itself with the allowability of deduction u/s 48 towards cost of improvement with respect to amount paid by the assessee towards his share towards conversion of aforesaid property from leasehold to freehold. We have also carefully gone through the Freehold deed dated 13.03.2012, which is placed in paper book, wherein freehold rights with respect to this property granted by State of U.P. The entire description of the property and leaseholder / inheritor, from the date of grant of lease rights of the...