Amount paid for Land enhancement is Capital Expenditure, can avail Deduction u/s 48: ITAT [Read Order]

land enhancement - capital expenditure - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT)of the Mumbai bench held that the amount paid for land enhancement is capital expenditure and can avail deduction under section 48 of the Income Tax Act,1961. The assessee, Leila Advani filed a return of income on 28.09.2011 declaring total income at Rs. 3,81,39,318/-. The appellant received the compensation under…

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