Indexation benefit allowed from date of allotment letter for ...

Land sale capital gain: Indexation from allotment date. Cost based on land parcel accounts. Land improvement cost remanded. Loan interest disallowance set aside.

Case Laws Income Tax

November 11, 2024

Indexation benefit allowed from date of allotment letter for capital gain on land sale. Cost of acquisition determined from books for separately maintained land parcel accounts. Cost of land improvement remanded to AO for fresh adjudication based on evidence. Disallowed expenses related to interest on loans for land purchase set aside for AO to examine allowability under law after considering all facts, including commencement of business. Partial relief granted to assessee.

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Indexation benefit allowed from date of allotment letter for ...

Land sale capital gain: Indexation from allotment date. Cost based on land parcel accounts. Land improvement cost remanded. Loan interest disallowance set aside.

Case Laws Income Tax

November 11, 2024

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