https://www.taxtmi.com/caselaws?id=374305 The Tribunal upheld the assessee's claim that additional expenditure incurred to make a flat habitable can be treated as part of the acquisition cost under Section 54 of the Income Tax Act, 1961. The Tribunal allowed the deduction for renovation expenses, emphasizing the necessity of the expenditure to render the property habitable. However, a portion of the expenditure spent on luxury goods was disallowed. The Tribunal's decision was supported by precedents from Punjab and Haryana High Court and Bombay High Court, ultimately dismissing the Revenue's appeal as no legal question emerged from the case. en-us Mon, 10 Dec 2018 00:00:00 +0530 Wed, 30 Jan 2019 08:20:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374305 The Tribunal upheld the assessee's claim that additional expenditure incurred to make a flat habitable can be treated as part of the acquisition cost under Section 54 of the Income Tax Act, 1961. The Tribunal allowed the deduction for renovation expenses, emphasizing the necessity of the expenditure to render the property habitable. However, a portion of the expenditure spent on luxury goods was disallowed. The Tribunal's decision was supported by precedents from Punjab and Haryana High Court and Bombay High Court, ultimately dismissing the Revenue's appeal as no legal question emerged from the case. Case-Laws Income Tax Mon, 10 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374305