Capital gain computation - cost of acquisition of the immovable ...

Taxpayer Denied Deduction for Cost of Acquisition Related to Constructions; Only Non-Agricultural Land Sale Recognized.

April 15, 2022

Case Laws     Income Tax     AT

Capital gain computation - cost of acquisition of the immovable property - The deduction on account of cost of acquisition is to be allowed with reference to the property sold or transferred by the assessee and since there is nothing on record to conclusively prove that the residential and commercial construction was also transferred by the assessee, we find ourselves in agreement with the authorities below that what was transferred or sold by the assessee was only the non-agricultural open land and the assessee, therefore, was not entitled for deduction on account of cost of acquisition of residential and commercial construction - AT

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