ITAT allows Benefit of Cost of Acquisition in construction of roof rights in property

Manoj Mediratta Vs ITO (ITAT Delhi) The authorities acknowledged that there was construction of two floors, with one floor being sold. The appellant presented a technical report on the valuation of the construction cost. The appellant requested that the authorities be directed to set off the claimed cost of acquisition. The learned DR opposed these submissions and supported the lower authorities’ orders. The CIT(Appeals) upheld the addition, stating that the appellant failed to substantiate the cost of construction. However, it is admitted that the appellant sold a floor based on the con...