https://www.taxtmi.com/caselaws?id=422562 A claim for proportionate cost of acquisition and construction for a second-floor property could not be rejected merely because direct purchase vouchers were unavailable. The property deed, site plan and photographs showed that only the ground floor and part of the first floor existed at purchase, while the second floor was constructed later and before sale. Supporting valuation evidence from a registered valuer and civil engineer was produced. As no independent enquiry was made and no reference was sent to the Valuation Officer, the disallowance lacked verification of the actual construction cost and attributable land cost. The addition was therefore deleted. en-us Tue, 26 Apr 2022 00:00:00 +0530 Wed, 18 May 2022 08:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422562 A claim for proportionate cost of acquisition and construction for a second-floor property could not be rejected merely because direct purchase vouchers were unavailable. The property deed, site plan and photographs showed that only the ground floor and part of the first floor existed at purchase, while the second floor was constructed later and before sale. Supporting valuation evidence from a registered valuer and civil engineer was produced. As no independent enquiry was made and no reference was sent to the Valuation Officer, the disallowance lacked verification of the actual construction cost and attributable land cost. The addition was therefore deleted. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422562