https://www.taxtmi.com/caselaws?id=437410 The Tribunal directed the AO to consider the cost of improvements mentioned in the valuation report for a property inherited in 2009. It corrected the calculation of the investment in a new property, determining it to be Rs. 3,57,50,000, in favor of the assessee. No specific arguments were presented for exemption under Section 54EC or charging of interest under Sections 234B and 234C. The appeal was allowed, instructing the AO to consider improvements' cost and accurately compute the new property cost under Section 54 of the Income Tax Act. en-us Wed, 03 May 2023 00:00:00 +0530 Fri, 05 May 2023 08:51:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437410 The Tribunal directed the AO to consider the cost of improvements mentioned in the valuation report for a property inherited in 2009. It corrected the calculation of the investment in a new property, determining it to be Rs. 3,57,50,000, in favor of the assessee. No specific arguments were presented for exemption under Section 54EC or charging of interest under Sections 234B and 234C. The appeal was allowed, instructing the AO to consider improvements' cost and accurately compute the new property cost under Section 54 of the Income Tax Act. Case-Laws Income Tax Wed, 03 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437410