https://www.taxtmi.com/caselaws?id=446777 ITAT Delhi allowed the assessee's appeal regarding capital gains computation. The AO had rejected the assessee's claim for indexed cost of improvement on property, citing lack of proper documentation including payee details, PAN, invoices, and bank statements showing renovation payments. The assessee, being an NRI, explained that cash withdrawals through cheques issued to Alok Lal were used for kitchen renovation work. ITAT found the explanation plausible, noting undisputed renovation work worth Rs. 9,50,000. The tribunal directed AO to allow cost of improvement with indexation and re-compute capital gains, accepting the assessee's submissions as genuine despite absence of written agreements. en-us Fri, 08 Dec 2023 00:00:00 +0530 Mon, 11 Dec 2023 08:59:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446777 ITAT Delhi allowed the assessee's appeal regarding capital gains computation. The AO had rejected the assessee's claim for indexed cost of improvement on property, citing lack of proper documentation including payee details, PAN, invoices, and bank statements showing renovation payments. The assessee, being an NRI, explained that cash withdrawals through cheques issued to Alok Lal were used for kitchen renovation work. ITAT found the explanation plausible, noting undisputed renovation work worth Rs. 9,50,000. The tribunal directed AO to allow cost of improvement with indexation and re-compute capital gains, accepting the assessee's submissions as genuine despite absence of written agreements. Case-Laws Income Tax Fri, 08 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446777