https://www.taxtmi.com/caselaws?id=441405 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting the disallowance of the indexed cost of improvement. The Tribunal held that the expenditure incurred to remove encumbrances on the property was deductible as a 'cost of improvement' under Section 55(1)(2)(ii) of the Income Tax Act, directly linked to the transfer of the capital asset. The disallowance made by the lower authorities was deemed unjustified, and the impugned addition was consequently deleted. en-us Fri, 04 Aug 2023 00:00:00 +0530 Tue, 08 Aug 2023 07:28:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441405 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting the disallowance of the indexed cost of improvement. The Tribunal held that the expenditure incurred to remove encumbrances on the property was deductible as a 'cost of improvement' under Section 55(1)(2)(ii) of the Income Tax Act, directly linked to the transfer of the capital asset. The disallowance made by the lower authorities was deemed unjustified, and the impugned addition was consequently deleted. Case-Laws Income Tax Fri, 04 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441405