https://www.taxtmi.com/caselaws?id=470437 Cost of acquisition under Section 49(1) does not permit deduction of a previous owner's cost of an old structure where that structure was demolished before redevelopment and sale. Although a previous owner's cost may generally qualify, the sale related to the redeveloped property and the assessee had already claimed the new construction cost. Allowing proportionate cost of the demolished structure would create a double deduction. The note states that deduction of the old construction cost was therefore unavailable in computing long-term capital gains. en-us Fri, 21 Mar 2025 00:00:00 +0530 Mon, 27 Jul 2026 19:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470437 Cost of acquisition under Section 49(1) does not permit deduction of a previous owner's cost of an old structure where that structure was demolished before redevelopment and sale. Although a previous owner's cost may generally qualify, the sale related to the redeveloped property and the assessee had already claimed the new construction cost. Allowing proportionate cost of the demolished structure would create a double deduction. The note states that deduction of the old construction cost was therefore unavailable in computing long-term capital gains. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470437