Indexed Cost of Improvement Must Be Allowed Even for Cash Payments: ITAT Rajkot

Kishor K. Kasta Vs ITO (ITAT Rajkot) Indexed Cost of Improvement Must Be Allowed Even for Cash Payments – ITAT Rajkot Reduces Section 50C Addition to ₹3.45 Lakhs The Rajkot Bench of the ITAT partly allowed the assessee’s appeal for AY 2015-16 and granted relief on computation of capital gains by directing allowance of indexed cost of improvement of ₹5 lakhs, thereby substantially reducing the addition made under the stamp-duty valuation provisions of section 50C. The assessee had sold an immovable property for ₹9.50 lakhs, whereas the stamp-duty (jantri) value was ₹17.92 lakhs. Sin...