Indexed cost of development not allowed on failure to substantiate the claim

Yashpalsingh Surindersingh Matharu Vs ITO (ITAT Pune) ITAT Pune held that claim of indexed cost of development not acceptable as assessee failed to furnish any evidence towards the same. Facts- During the course of assessment proceedings, the AO observed that the assessee had computed income under the head `Capital gains’ on transfer of certain property and claimed exemption towards long term capital gain. In such computation of capital gain, the assessee had claimed deduction of indexed cost of improvement at Rs.9,17,560/- towards development work carried out. On being called upon to substa...