AO can’t deny benefit of cost of land transferred merely because such land was still appearing in balance sheet: ITAT

INCOME TAX : Where assessee owner of a land entered into a JDA for development of its land and offered consideration received for same as LTCG after claiming indexed cost of acquisition of land and Assessing Officer disallowed claim of cost of acquisition on ground that land was still appearing in balance sheet of assessee, thus, benefit of cost could not be given,INCOME TAX : Where assessee owner of a land entered into a JDA for development of its land and offered consideration received for same as LTCG after claiming indexed cost of acquisition of land and Assessing Officer disallowed claim of cost of acquisition on ground that land was still appearing in balance sheet of assessee, thus, benefit of cost could not be given,www.taxmann.com Latest Case LawsRead More

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