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How to determine cost of improvement in case of sale of old or inherited land / building in the absence of any material i.e. evidence or documents

Income Tax - Direct Tax Code - DTC - By: - CA Surender Gupta - Dated:- 29-9-2016 Last Replied Date:- 30-9-2016 - The question arises in the present cases, perhaps a common question specially where the land and building are old one and sold. In genera .....

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f Section 48 of the Income Tax Act, 1961, how to determine the cost of improvements? This issue as brought before the High Court in the matter of Sarojini Ramaswami Versus Assistant Commissioner of Income-Tax [2007 (1) TMI 129 - MADRAS High Court] wh .....

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t ₹ 5,00,000 without any material. Except to state that the Mugappair area was actually a low lying area leading to water logging and that the assessee had put up a construction to the compound wall, the Commissioner granted the claim of the as .....

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al filed by the Department, that in the absence of any material, cost of improvement be restricted to ₹ 3,00,000 only. Further, in the latest decision in the matter of The Assistant Commissioner of Income-tax, Central Circle-2, Thiruvananthapur .....

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ent sources from which the money has been brought in. The assessee also has explained that during those days bank accounts were not so common and large families use to keep cash with themselves as most of the receipts were from agriculture and other .....

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to the land which is supported by year wise cash flow. The Assessing Officer has simply ignored the cash flow stating various other reasons. The Ld. CIT(A) has considered the cash flow and in order to compensate any probable defects and omissions has .....

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