Part of: Section 55 — Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”
(ii) in any other case, means all expenditure of a capital nature incurred in making any additions or alterations to t he capital asset by the assessee after it became his property, and, where the capital asset became the property of the assessee by any of the modes specified in 13[sub-section ( 1) of section 49 ], by the previous owner, but does not include any expenditure which is deductible in computing the income chargeable under the head “Interest on securities”, “Income from house property”, “Profits and gains of business or profession”, or “Income from other sources”, and the expression “improvement” shall be construed accordingly.