Section 263 Revision: Deductions for Improvements Rejected as Only Vacant Land Sold, Revising Capital Gains Calculation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Revision of assessment order - computation of long term capital gain against the sale of immovable property - claim of deduction towards indexed cost of construction of compound wall and the cost of improvements - assessee has only transferred vacant land to the purchaser - there is no question of deductions so claimed - Revision order u/s 263 sustained.....