https://www.taxtmi.com/caselaws?id=260559 The Tribunal partially allowed the appeal, directing the AO to recalculate the capital gain by including an approved improvement cost of 1,50,000 for land improvement. The decision emphasized the necessity of providing concrete evidence to support claimed expenses in property transactions, balancing fairness with the requirement for substantiated evidence in determining capital gains accurately. The judgment underscored the significance of transparency and accuracy in tax assessments, allowing a nominal improvement cost while dismissing exaggerated claims to achieve a fair outcome based on reasoned judgment. en-us Fri, 15 May 2015 00:00:00 +0530 Wed, 17 Jun 2015 06:15:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260559 The Tribunal partially allowed the appeal, directing the AO to recalculate the capital gain by including an approved improvement cost of 1,50,000 for land improvement. The decision emphasized the necessity of providing concrete evidence to support claimed expenses in property transactions, balancing fairness with the requirement for substantiated evidence in determining capital gains accurately. The judgment underscored the significance of transparency and accuracy in tax assessments, allowing a nominal improvement cost while dismissing exaggerated claims to achieve a fair outcome based on reasoned judgment. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260559