Tribunal Validates Brokerage Expenses in Capital Gains Case, Dismisses Late Construction Cost Claims Due to Lack of Evidence.

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....Computation of capital gains enshrined in section 48 - Deduction of Brokerage expense, Transfer expenses and indexed cost of improvement - Tribunal found the assessee provided adequate documentation supporting brokerage expenses. Despite absence of formal agreements, payment through banking channels established genuineness. - However, the Tribunal noted inconsistencies and lack of clarity in the assessee's submissions regarding the construction expenditure. While some payments were verified, cash payments lacked adequate documentation and supporting evidence. New arguments raised by the assessee were dismissed due to their late introduction and absence of reasonable cause. Tribunal upheld the disallowance of construction costs, citing lack of substantiating evidence.....