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Indexed Cost of Land Cannot Be Denied on Presumption: ITAT Hyderabad
Case Law Details
- Case Name
- Balaji Finance Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Hyderabad
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Balaji Finance Vs ITO (ITAT Hyderabad)
Indexed Cost of Land Cannot Be Denied on Presumption: ITAT Hyderabad Restores LTCG Issue for Fresh Verification
The Hyderabad Bench of the ITAT condoned an 89-day delay in filing the appeal on medical grounds and set aside the disallowance of indexed cost of acquisition of land while computing long-term capital gains, restoring the matter to the Assessing Officer for fresh verification.
The assessee, a partnership firm, had sold an immovable property and claimed indexed cost of land of ₹23.01 lakh (based on FMV as on 01.04.2001) along with cost of const...
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