M/s. Beaver Automotive Pvt. Ltd. Vs. The Assistant Commissioner of Income Tax
Parties Involved
Facts Summary
The assessee, M/s. Beaver Automotive Pvt. Ltd., filed its return of income for the assessment year 2017-18 declaring a total income of Rs. 23,19,33,120/-. The case was selected for scrutiny, and the Assessing Officer (AO) disallowed the cost of improvement claimed by the assessee, amounting to Rs. 3,38,94,347/-. The assessee had claimed this amount as indexed cost of improvement for the property sold. The AO disallowed this on the ground that the assessee could not furnish sufficient evidence. The assessee appealed to the Commissioner of Income Tax (Appeals) [CIT(A)], who dismissed the appeal regarding the disallowance of the indexed cost of improvement. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the disallowance of the indexed cost of improvement claimed by the assessee is justified.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
4 precedents cited in this judgement.
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