Expenses on Interiors and Utility Connections for Residential Property Qualify as Cost of...

The ITAT has ruled that "expenses on interiors and utility connections" for a residential property "qualify as cost of acquisition under Section 54." The tribunal's decision, which is a significant victory for the taxpayer, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason. The court’s decision is a crucial reminder to all businesses that they must be diligent in their dealings.