https://www.taxtmi.com/caselaws?id=445016 The ITAT Nagpur upheld the PCIT's revision under section 263 regarding disallowance of expenses claimed for computing long-term capital gains. The assessee failed to provide supporting documentation for expenditure allegedly incurred from assessment year 1989-90 onwards when computing capital gains for assessment year 2015-16. The AO had not issued specific queries regarding cost of acquisition/improvement details, but the assessee was duty-bound to file requisite supportive material during assessment proceedings. The ITAT relied on SC precedents including Malabar Industrial Company Ltd and others to confirm the revision directions, deciding against the assessee. en-us Thu, 26 Oct 2023 00:00:00 +0530 Fri, 27 Oct 2023 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445016 The ITAT Nagpur upheld the PCIT's revision under section 263 regarding disallowance of expenses claimed for computing long-term capital gains. The assessee failed to provide supporting documentation for expenditure allegedly incurred from assessment year 1989-90 onwards when computing capital gains for assessment year 2015-16. The AO had not issued specific queries regarding cost of acquisition/improvement details, but the assessee was duty-bound to file requisite supportive material during assessment proceedings. The ITAT relied on SC precedents including Malabar Industrial Company Ltd and others to confirm the revision directions, deciding against the assessee. Case-Laws Income Tax Thu, 26 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445016