The ITAT, an Appellate Tribunal, addressed the re-computation of...

The ITAT, an Appellate Tribunal, addressed the re-computation of long-term capital gain related to determining the cost of improvement for constructing a concrete bridge over a rivulet in front of a shop to enhance accessibility. The Tribunal found that the expenditure on the bridge was capital in nature, essential for improving access to the shop and increasing footfall and value. The expenditure did not qualify as revenue expenditure as it directly contributed to enhancing business activities. The Tribunal noted that the evidence, including site plans and photographs, supported the expenditure and invalidated the AO's disallowance based on presumption. Citing judicial precedents, the Tribunal allowed the appellant's appeal, ruling that the cost of the bridge construction was a legitimate capital expenditure and should be deductible for taxation purposes.