ITAT Ruling on Section 50C & 54: Indexed Cost of Improvement Allowed

Dilip Mohandas Devani Vs ITO (ITAT Ahmedabad) The case of Dilip Mohandas Devani vs. ITO before the ITAT Ahmedabad involved an appeal by the assessee against the order of the Commissioner of Income Tax (Appeals) for the Assessment Year 2012-13. The appeal focused on two key issues: the disallowance of the indexed cost of improvement and the restriction of a deduction claimed under Section 54 of the Income Tax Act. The facts of the case trace back to the sale of an immovable property in 2012, which was co-owned by the assessee, his minor daughter, his spouse, and two others. The sale deed record...