Cost of Improvement to Make House Livable Eligible for deduction from Capital Gains

Bhagabhai Tribhovandas Patel Vs ITO (ITAT Ahmedabad) In the case of Bhagabhai Tribhovandas Patel Vs ITO (ITAT Ahmedabad), the appellant filed two appeals regarding disallowances in the assessment and penalty proceedings for Assessment Year (AY) 2011-12. The first appeal contested the disallowance of Rs. 2,44,553 as the cost of improvement, which was spent to make a house livable in 2007, and an additional disallowance of Rs. 78,030 on other expenses. The second appeal dealt with the penalty imposed under Section 271(1)(c) due to the previous disallowances. The appellant argued that the cost of...