Once indexed renovation expense of co-owner accepted benefit should be granted even without proof

Surat Trade and Mercantile Limited Vs PCIT Surat 1 & Anr. (Gujarat High Court) Gujarat High Court held that once indexed renovation expense of co-owner accepted, the assessee is not required to produce any documents to prove his share of indexed renovation expense. Accordingly, allowance should be granted even without proof. Facts- It is the case of the petitioner that the person, who was responsible for filing return of income, forgot to claim ‘Long Term Capital Loss’ arising on account of extinguishment of shares of Garden Silk Mills Ltd which were acquired by the petitioner since 19...