Cross ITA Nos. 816 & 721/Del/2020 involve appeals by Santosh Kumar Suri and ACIT against the CIT (Appeals) order dated 05.12.2019 for assessment year 2016-17. The case pertains to disputes over cost of improvement and indexation of acquired property.
The Revenue appealed on grounds of fresh evidence admission without AO’s opportunity and allowance of cost of improvement claims. The Tribunal directed reassessment for verification.
Santosh Kumar Suri, through counsel Nagesh Kumar Behl, argued for indexation based on precedents citing inherited property rules.
The Tribunal upheld indexation for the appellant, citing Bombay High Court’s and Delhi High Court’s decisions, directing AO to comply.
Grounds not argued by the appellant were dismissed. The Revenue’s appeal was allowed for statistical purposes.
Order pronounced on 20/01/2023 by Members Shamim Yahya and C. N. Prasad.
Cross ITA Nos. 816 & 721/Del/2020 – Santosh Kumar Suri vs. ACIT
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