ITAT confirms Rs. 35.83 Lakh LTCG Addition, rejects Sauda Chitthi Claim for Enhanced Acquisition Cost due to Absence in Previous Financial Records

The ITAT confirmed the addition of ₹1 lakh to the taxpayer’s income under Long-Term Capital Gains (LTCG), rejecting claims for enhanced acquisition cost due to the absence of previous financial records. The taxpayer had tried to justify the higher acquisition cost of the asset, but failed to provide the necessary documents or records to support the claim. The ITAT ruled that without proper documentation and financial records, such claims cannot be accepted. This decision underscores the importance of maintaining comprehensive records to support claims for tax benefits, particularly in cases involving asset sales and capital gains.