Property improvement Expenses disallowed in absence of sufficient evidence

Bhagwanbhai R. Makwana Vs ITO (ITAT Ahmedabad) Conclusion: Certain expenses related to cost of improvement of land put forward by assessee were disallowed noting lack of proper and sufficient evidence to support claims of cost incurred for improvement of property. Held: During the course of assessment, AO observed that assessee had earned short term capital gain on sale of a property along with several co-owners. AO, based on his findings, disallowed certain claims of expenses towards cost of improvement of the aforesaid land sold during the year under consideration while computing the capita...