https://www.taxtmi.com/caselaws?id=755270 The ITAT Pune dismissed the assessee's appeal challenging disallowance of cost of improvement claims for LTCG computation. The tribunal held that to claim cost of improvement, the assessee must establish actual expenditure incurred for improving the immovable asset. The assessee failed to provide adequate evidence, as most bills were in the name of Wings Travel Management India Private Limited, an independent entity to whom the assessee had advanced unsecured loans. Since bills in another entity's name cannot prove the assessee's expenditure for property improvement, the AO's partial disallowance was upheld. en-us Tue, 12 Dec 2023 00:00:00 +0530 Wed, 10 Jul 2024 08:01:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755270 The ITAT Pune dismissed the assessee's appeal challenging disallowance of cost of improvement claims for LTCG computation. The tribunal held that to claim cost of improvement, the assessee must establish actual expenditure incurred for improving the immovable asset. The assessee failed to provide adequate evidence, as most bills were in the name of Wings Travel Management India Private Limited, an independent entity to whom the assessee had advanced unsecured loans. Since bills in another entity's name cannot prove the assessee's expenditure for property improvement, the AO's partial disallowance was upheld. Case-Laws Income Tax Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755270