Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
ITAT allowed the assessee's appeal, holding that stamp duty constitutes a valid component of cost of acquisition under section 48 and investment for exemption under section 54. The Tribunal pragmatically interpreted evidentiary requirements, recognizing the bona fide nature of the assessee's claims based on documentary evidence. The decision mandates re-computation of long-term capital gains, incorporating stamp duty, interior work, and improvement expenditure, with the Assessing Officer directed to recalculate exemption accordingly.
ITAT allowed the assessee's appeal, holding that stamp duty constitutes a valid component of cost of acquisition under section 48 and investment for exemption under section 54. The Tribunal pragmatically interpreted evidentiary requirements, recognizing the bona fide nature of the assessee's claims based on documentary evidence. The decision mandates re-computation of long-term capital gains, incorporating stamp duty, interior work, and improvement expenditure, with the Assessing Officer directed to recalculate exemption accordingly.
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