ITAT Nagpur Partially Upholds Capital Gain Deduction for Property Renovation

Geetadevi Badrinarayan Panpaliya Vs DCIT (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has issued an order partially allowing an appeal filed by Geetadevi Badrinarayan Panpaliya, concerning the assessment year 2014-15. The core of the dispute revolved around the disallowance of indexed cost of improvement claimed by the assessee in computing long-term capital gains from the sale of a residential property. While one preliminary ground raised by the assessee was not pressed, the Tribunal provided partial relief on the substantive issue of renovation expenses. The appeal o...