https://www.taxtmi.com/caselaws?id=410091 The ITAT partly allowed the appeal concerning the disallowance of the cost of improvement for calculating long term capital gain on the sale of agricultural land. The ITAT directed the Assessing Officer to calculate 50% of the improvement cost of the land, based on a previous decision in a similar case. Grounds 7 and 8 of the appeal were adjudicated, with ground 7 allowed and ground 8 dismissed as not pressed. This decision emphasizes the significance of providing supporting evidence for improvement cost claims in tax assessments. en-us Mon, 12 Jul 2021 00:00:00 +0530 Sat, 24 Jul 2021 09:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410091 The ITAT partly allowed the appeal concerning the disallowance of the cost of improvement for calculating long term capital gain on the sale of agricultural land. The ITAT directed the Assessing Officer to calculate 50% of the improvement cost of the land, based on a previous decision in a similar case. Grounds 7 and 8 of the appeal were adjudicated, with ground 7 allowed and ground 8 dismissed as not pressed. This decision emphasizes the significance of providing supporting evidence for improvement cost claims in tax assessments. Case-Laws Income Tax Mon, 12 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410091