ITAT disallows cost of improvement incurred by Company for individual’s flat

Arun Tulshidas Kharat Vs DCIT (ITAT Pune)

The Income Tax Appellate Tribunal (ITAT) Pune has made a significant ruling in the case of Arun Tulshidas Kharat Vs DCIT, disallowing the claim of cost of improvement incurred by a company for an individual’s flat. This decision, dated 14th June 2023, underlines the stringent scrutiny applied by tax authorities on claims related to capital gains and the necessity for taxpayers to maintain precise and verifiable records.

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