Indexed Cost Can’t Be Reduced When Entire Property Rights Are Surrendered: ITAT Pune

Advertisement ITO Vs Ramesh Shankarlal Bhandari (ITAT Pune) The appeal before the Tribunal arose from the Revenue’s challenge to the order of the Commissioner of Income Tax (Appeals) [CIT(A)]/NFAC for Assessment Year 2023-24, which had deleted an addition of ₹20,28,10,757 made by the Assessing Officer (AO) while computing the assessee’s long-term capital gains. The assessee had filed a return declaring total income of ₹98,53,380. The case was selected for scrutiny because the sale consideration of an immovable property reported in the income tax return differed from the amount repor...