Bombay High Court Allows Revision Petition Under Section 264 of Income Tax Act, 1961 for Non-Grant of Indexed Cost of Improvement in Capital Gains Computation. The Principal Commissioner's rejection of the revision application was set aside as the claim for indexed cost of renovation expenses incurred in 1990 was a lawful claim that ought to have been considered....
The petitioner, an individual resident, filed his return of income for Assessment Year 2007-08 on 21 August 2007 declaring total income of Rs.8,49,118/-, which included long-term capital gains from th...
