https://www.taxtmi.com/caselaws?id=761434 ITAT Delhi held that assessee was entitled to indexation benefit for capital gains on land sale from allotment letter date (17.02.2008) rather than possession date, following CBDT Circular 471/1986 and HC precedent. Tribunal accepted CIT(A)'s determination of land cost based on separate book accounts for each parcel. However, issues regarding cost of improvement (Rs 65,78,905) and business expense disallowances were remanded to AO for fresh investigation due to insufficient substantiation by assessee and inadequate examination by AO. en-us Tue, 27 Aug 2024 00:00:00 +0530 Sat, 09 Nov 2024 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761434 ITAT Delhi held that assessee was entitled to indexation benefit for capital gains on land sale from allotment letter date (17.02.2008) rather than possession date, following CBDT Circular 471/1986 and HC precedent. Tribunal accepted CIT(A)'s determination of land cost based on separate book accounts for each parcel. However, issues regarding cost of improvement (Rs 65,78,905) and business expense disallowances were remanded to AO for fresh investigation due to insufficient substantiation by assessee and inadequate examination by AO. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761434