ITAT Jaipur Remands Capital Gains Case to AO for Fresh Hearing

Ashok Kumar Jain Vs NFAC (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT), Jaipur Bench, recently heard an appeal filed by Ashok Kumar Jain challenging the findings of the lower tax authorities regarding the cost of acquisition of a property for which capital gains were being reassessed. The assessee had claimed the benefit of the cost of acquisition for the same property that was subject to reassessment proceedings. The assessee presented bills and letters amounting to ₹6,44,603/- as evidence for the cost of construction. However, the Commissioner of Income-tax (Appeals) [CIT(A)] upon per...