Property Sale regularised in Govt records and covered as Capital Asset u/s 2(14) of Income Tax Act: ITAT disallows Indexed cost of Construction [Read Order]
On the date of sale the property was regularised in the municipal/Govt. records and is covered under the definition of capital asset as defined in Section 2(14) of the Income Tax Act
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) disallowed the indexed cost of construction, as the property sale was regularized in government records and is deemed a capital asset under Section 2(14) of the Income Tax Act, 1961. The brief facts of the case are that the assessee filed a return…
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