https://www.taxtmi.com/caselaws?id=762105 ITAT Ahmedabad quashed CIT's revision order u/s 263 regarding cost of improvement claim. Assessee sold property purchased in FY 2002-03 during FY 2018-19, claiming capital improvements from FY 2008-09 including interior work and kitchen appliances. AO accepted the claim based on valuation report and bank statements. CIT revised under Section 263, arguing insufficient inquiry without bills/vouchers. ITAT held AO conducted adequate inquiry and adopted plausible view. Capital expenditure u/s 55(1)(b)(2) was allowable as expenses enhanced property value. CIT cannot substitute opinion when AO takes reasonable view after proper verification. Appeal allowed. en-us Tue, 15 Oct 2024 00:00:00 +0530 Sat, 23 Nov 2024 20:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762105 ITAT Ahmedabad quashed CIT's revision order u/s 263 regarding cost of improvement claim. Assessee sold property purchased in FY 2002-03 during FY 2018-19, claiming capital improvements from FY 2008-09 including interior work and kitchen appliances. AO accepted the claim based on valuation report and bank statements. CIT revised under Section 263, arguing insufficient inquiry without bills/vouchers. ITAT held AO conducted adequate inquiry and adopted plausible view. Capital expenditure u/s 55(1)(b)(2) was allowable as expenses enhanced property value. CIT cannot substitute opinion when AO takes reasonable view after proper verification. Appeal allowed. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762105