ITAT Allows Indexed Cost of Construction for Penthouse Regularized on Sale Date

Jayanti Vasishta Vs ITO (ITAT Bangalore) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Bangalore bench ruled in favor of the appellant, Ms. Jayanti Vasishta, allowing indexed cost of construction for a penthouse regularized on the date of sale. The case, titled Jayanti Vasishta Vs ITO, pertained to the assessment year 2014-15 and presented significant legal arguments regarding the computation of capital gains. The appeal stemmed from a scrutiny assessment conducted by the Income Tax Officer (ITO), which was subsequently reopened under section 148 of the Income Tax Act. The app...