ITAT Hyderabad Remands Indexed Cost of Demolished Structure Issue for Sec 48 Demolition Expense Verification

Yerragudi Venkata Siva Reddy Vs ACIT (ITAT Hyderabad) Indexed Cost of Demolished Structure – Capital Gain Issue Remanded for Verification of Demolition Expenses U/s 48 – ITAT Hyderabad The assessee sold land for ₹2 crore after demolishing an existing cement shed at the request of the buyer and claimed indexed cost of demolition amounting to ₹11.24 lakh while computing LTCG. The AO disallowed the claim pursuant to revision u/s 263, and CIT(A) confirmed the disallowance holding that only vacant land was sold and no proof of demolition expenditure or scrap income was furnished. IT...