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Improvement Cost Allowed as Property Was Semi-Constructed at Purchase
Case Law Details
- Case Name
- Avnish Kumar Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Hyderabad
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Avnish Kumar Vs DCIT (ITAT Hyderabad)
Improvement Cost of Rs. 4.05 Crore Accepted: ITAT Confirms Property Was Upgraded Post-Purchase
The assessee purchased a semi-constructed residential building on 28.07.2014 for Rs. 7.90 crore and sold it on 10.08.2017 for Rs. 13.90 crore. He claimed indexed cost of improvement of Rs. 4,05,72,447, supported by bills, vouchers, contractor ledgers, and evidence of extensive completion work undertaken on the semi-finished structure. The AO disallowed the claim, holding that (i) the purchase and sale deeds described the building similarly, and (...
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