Retrospective VAT Registration Cancellation Does Not Automatically Make Purchases Bogus: ITAT Ahmedabad

Samta S. Jain Vs ACIT (ITAT Ahmedabad) In Samta S. Jain Vs ACIT, the Ahmedabad ITAT considered an appeal against the order of the CIT(A), NFAC, for Assessment Year 2012-13 relating to disallowance of cost of improvement claimed while computing short-term capital gains from sale of land. The assessee had declared short-term capital gain from sale of land at Kheda after claiming cost of acquisition and cost of improvement. During reassessment proceedings, the Assessing Officer disallowed improvement expenses amounting to Rs. 98.63 lakh and added the same to income. The assessee challenged the re...