Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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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