https://www.taxtmi.com/caselaws?id=764261 ITAT Delhi partly allowed the appeal regarding capital gains computation. The AO had disallowed entire indexation costs for construction/renovation expenses due to lack of documentary evidence. ITAT held that complete denial was unjustified despite insufficient supporting documents, noting AO acknowledged certain government payments were made. ITAT directed AO to allow 50% of claimed indexation amount of Rs. 24,42,262/-, while confirming balance disallowance. The Rs. 3,94,860/- previously allowed by CIT(A) was clarified as included within the 50% allowance. Additionally, ITAT deleted the disallowance of Section 80C deduction for LIC premium payments as AO's remand report confirmed this claim was allowable. en-us Thu, 21 Nov 2024 00:00:00 +0530 Tue, 07 Jan 2025 07:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764261 ITAT Delhi partly allowed the appeal regarding capital gains computation. The AO had disallowed entire indexation costs for construction/renovation expenses due to lack of documentary evidence. ITAT held that complete denial was unjustified despite insufficient supporting documents, noting AO acknowledged certain government payments were made. ITAT directed AO to allow 50% of claimed indexation amount of Rs. 24,42,262/-, while confirming balance disallowance. The Rs. 3,94,860/- previously allowed by CIT(A) was clarified as included within the 50% allowance. Additionally, ITAT deleted the disallowance of Section 80C deduction for LIC premium payments as AO's remand report confirmed this claim was allowable. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764261