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In a LTCG computation case, the ITAT allowed the assessee's appeal regarding disallowance of improvement costs on a property transfer. The tribunal held that payments made to the original seller, the developer (Jayabheri Properties), and contractor (Nagabasi Reddy) should be included in cost of acquisition/improvement. The AO and DRP had rejected these claims because some payments weren't mentioned in the sale deed and the contractor's bill lacked VAT registration. The ITAT reasoned that cheque payments with confirmation from recipients established the genuineness of transactions, ruling that proper evidence had been furnished to prove these payments were legitimate property costs for LTCG calculation purposes.
In a LTCG computation case, the ITAT allowed the assessee's appeal regarding disallowance of improvement costs on a property transfer. The tribunal held that payments made to the original seller, the developer (Jayabheri Properties), and contractor (Nagabasi Reddy) should be included in cost of acquisition/improvement. The AO and DRP had rejected these claims because some payments weren't mentioned in the sale deed and the contractor's bill lacked VAT registration. The ITAT reasoned that cheque payments with confirmation from recipients established the genuineness of transactions, ruling that proper evidence had been furnished to prove these payments were legitimate property costs for LTCG calculation purposes.
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