Deduction allowed on share of freehold conversion charges, stamp duty etc. for converting property into freehold

Sanjay Majumdar Vs PCIT (ITAT Allahabad) Conclusion: Assessee had rightly claimed the deduction on account of improvement in the property being improvement in title of the property on being converted from leasehold Nazul land to freehold property as getting the property freehold will grant perfect ownership rights/title in favour of the existing lessee’s, who would then be in a position to transfer/sell the property. However, reassessment passed by AO was erroneous so far as prejudicial to the interest of Revenue which requires to be revised by AO to the limited extent of making correction ...