https://www.taxtmi.com/caselaws?id=447546 The ITAT Delhi allowed the assessee's appeal regarding cost of improvement deductions under Section 54. For the Lucknow property, the tribunal held that expenses for air conditioning, modular kitchen, tube-well and submersible pump were allowable as cost improvements despite AO's objections about vague photographs, noting these items necessarily improved the property's value. For the Bangalore property, installation costs of Rs. 12,00,000 for a pneumatic vacuum elevator and Rs. 1,80,000 for related expenses were allowed, considering the 90-year-old father's residence needs. The tribunal also upheld CIT(A)'s decision allowing Section 54F deduction despite the new property being registered in parents' names, as the assessee had made the actual payments and received the property as gift. en-us Tue, 26 Dec 2023 00:00:00 +0530 Wed, 31 Jan 2024 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447546 The ITAT Delhi allowed the assessee's appeal regarding cost of improvement deductions under Section 54. For the Lucknow property, the tribunal held that expenses for air conditioning, modular kitchen, tube-well and submersible pump were allowable as cost improvements despite AO's objections about vague photographs, noting these items necessarily improved the property's value. For the Bangalore property, installation costs of Rs. 12,00,000 for a pneumatic vacuum elevator and Rs. 1,80,000 for related expenses were allowed, considering the 90-year-old father's residence needs. The tribunal also upheld CIT(A)'s decision allowing Section 54F deduction despite the new property being registered in parents' names, as the assessee had made the actual payments and received the property as gift. Case-Laws Income Tax Tue, 26 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447546