AO disallowed entire cost of indexation claimed by assessee for ...

Lack of evidence leads to partial disallowance of indexation cost and LIC premium deduction.

January 7, 2025

Case Laws Income Tax AT

AO disallowed entire cost of indexation claimed by assessee for lack of documentary evidence. ITAT held denial unjustified, directed AO to allow 50% of indexation amounting to Rs.24,42,262/-. Balance disallowance of Rs.24,42,262/- confirmed. Deduction u/s 80C towards LIC premium allowed as per AO's remand report. Ground no.5 & 6 partly allowed.

View Source

← Previous Next →

AO disallowed entire cost of indexation claimed by assessee for ...

Lack of evidence leads to partial disallowance of indexation cost and LIC premium deduction.

January 7, 2025

Case Laws Income Tax AT

You may also like:

Immovable asset improvement cost disallowed due to lack of evidence. Assessee failed to prove expenditure incurred for improvement. Bills primarily in name of unrelated...

The ITAT held that interest disallowance was not justified as borrowed funds were invested in equity shares, not loans. Disallowance of land acquisition cost was...

Deduction u/s 80C - the payment of LIC premiums made during the previous year out of loan funds are also eligible for deduction u/s 80C - AT

The Tribunal held that based on the financial parameters and risk profile, the assessee qualifies as a developer rather than merely a contractor u/s 80IA of the Income...

Key legal principles and decisions related to various disallowances and additions made by the Assessing Officer (AO) under different sections of the Income Tax Act. The...

Addition of premium paid to LIC under group gratuity scheme - scheme had been approved by Commissioner vide its order dated 17.03.2017 w.e.f. 01.01.2000 - once the...

Computation of capital gains enshrined in section 48 - Deduction of Brokerage expense, Transfer expenses and indexed cost of improvement - Tribunal found the assessee...

The case pertains to the disallowance of deduction claimed u/s 80IA by an assessee operating two units, one for paper manufacturing and another for power generation. The...

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...

Disallowance of commission expenses due to lack of evidence regarding services rendered. Valuation of construction work-in-progress issue dismissed as academic....

LTCG - Deduction u/s 54 - Adoption of the cost of acquisition of new asset - - what is to be treated as cost of the residential house is the entire cost of house and it...

Swapping premium - Disallowance u/s 36(1)(viii) - swapping premium is nothing but discounted interest and had originated in the long term finance initially advance -...

Clandestine removal - The department relied on statements, diaries, and records, which the appellants contested, citing coercion and lack of corroboration. The Tribunal...

Disallowance of deduction u/s 80C on account of LIC premium and the Tuition Fees paid - documentary evidence - The said amounts have been duly paid out from the banking...

Capital Gain - property received by way of gift - Cost of acquisition of the asset shall be the cost for which the previous owner of the property acquired it, as...

Quick Updates: