https://www.taxtmi.com/caselaws?id=413679 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to partially disallow renovation expenses claimed under Section 54 of the Income Tax Act, 1961. The Tribunal found the Assessing Officer's reliance on neighbors' statements to be arbitrary and lacking expert valuation. They agreed with the partial disallowance of Rs. 5,00,000 for lack of evidence but allowed Rs. 18,00,000 as the cost of improvement. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision. en-us Thu, 30 Sep 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413679 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to partially disallow renovation expenses claimed under Section 54 of the Income Tax Act, 1961. The Tribunal found the Assessing Officer's reliance on neighbors' statements to be arbitrary and lacking expert valuation. They agreed with the partial disallowance of Rs. 5,00,000 for lack of evidence but allowed Rs. 18,00,000 as the cost of improvement. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413679