Deduction of cost of land with expenses allowable from sale consideration

Distinct Realty Private Limited Vs DCIT (ITAT Indore) ITAT Indore held that deduction of cost of land with expenses for exploitation on land duly allowable from the sale consideration before charging tax on the same. Facts- A search u/s. 132 was carried out on the “Chugh Group” of Indore wherein two documents were seized by authorities. These documents revealed details of a sale transaction of land done by the assessee. The parties to the documents, namely (i) Distinct Realty Private Limited [seller of land], (ii) KMM Real Estate and Constructions Private Limited [purchaser of land], and (...