ITAT Allows Indexation on Construction Cost as Sale Deed Already Contained Building Details

Ramatas Revathi Vs ITO (ITAT Chennai) The Chennai ITAT held that an assessee cannot be denied the statutory benefit of indexation on the cost of construction merely on technical grounds when the relevant details are already available in the registered sale deed and its annexures. In this case, the assessee had sold a property comprising land and a building and claimed indexed cost of acquisition and construction while computing long-term capital loss. Although the Assessing Officer treated the entire sale consideration of ₹1.05 crore as short-term capital gains due to alleged lack of support...