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2017 (11) TMI 2028 - AT - Income TaxLTCG - sale of immovable property - Co-ownership - said plot was ancestral property and all the four brothers were equally eligible to share ¼th share in the sales proceeds during the year - HELD THAT:- This property was distributed among the 7 members and Shri Dhansukhbhai became the registered part owner of the said property - When the property was sold to Karamtaa Steel Pvt. Ltd. and assessee and two brothers and legal heirs of 4th brother are the co-owners. We also find from the sale deed wherein all the assessee and three brothers name are mentioned in the sale deed. AO is not justified in adding the Long Term Capital Gain in the hands of the assessee. Therefore, we are of the opinion that AO and CIT(A) are not justifying this. We allow the appeal of the assessee and restore this issue to the file of AO and is directed to verify whether the sale proceeds received was distributed amongst co-sellers of the property and co-sellers have filed their individual returns. The AO is directed to verify the same and allow the claim. Ground allowed for statistical purposes. Deduction u/s 80C - HELD THAT:- As assessee did not file anything before us also, therefore we confirm the finding held by the Ld. CIT(A). In the result, appeal on this ground is dismissed.
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