ITAT Mumbai Remands Case: Fresh Verification Ordered on Cost of Improvement in Capital Gains

Vishnukumar Gokalchand Gupta Vs ACIT (ITAT Mumbai) ITAT Mumbai Remands Case – Fresh Verification Ordered on Cost of Improvement in Capital Gains Assessee sold a property for ₹7.93 crore in FY 2015-16. While computing long-term capital gains, he claimed ₹1.41 crore as indexed cost of improvement – comprising ₹36.52 lakh spent by him on the first floor & ₹1.04 crore incurred by his brother on the second floor before gifting that portion to Assessee. AO rejected the claim holding that the bungalow purchased in 1988 was already a completed house & that no evidence was produ...