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2006 (10) TMI 123 - HC - Income TaxCapital gain - co-owners sold the land - Valuation of the property - CIT(A) deleted the addition made to the capital gains by the AO and substituted the value taken by the assessee on the basis of value estimated by the registered valuer - HELD THAT:- It is trite that if during the same assessment year the same quantity of wealth in the possession of one co-sharer is subjected to a lower rate of taxation, it would be highly improper to burden a similarly situated co-sharer with a higher rate of tax. If such an action on the part of the assessing authorities is sanctioned, it would militate against the principle of equality of laws enshrined in article 14 of the Constitution, vide Jaswant Rai v. CWT [1977 (2) TMI 22 - PUNJAB AND HARYANA HIGH COURT]. Applying the ratio laid down in Jaswant Rai v. CWT, to the facts of the case on hand would lead to the firm conclusion that the assessee, who is also a co-owner of the property, is entitled to the benefit enjoyed by the other co-owner, whose valuation of the same property, at the same rate as that of the assessee, was accepted by the CIT and recorded in the order under appeal by the Tribunal. Finding no reason to interfere with the order of the Tribunal, this appeal is dismissed.
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