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2016 (11) TMI 1036 - AT - Income TaxCalculation of long-term capital gain - adoption of cost of acquisition - land was inherited by the assessee along with other co-owners - Held that:- There is no merit in the submissions of the learned Departmental representative that the same facts were there earlier, which have not been contradicted by the assessee in the subsequent proceedings. The assessee in the subsequent proceedings has been able to satisfy that in the case of co-owner, Shri Birender Singh Gill, the cost of acquisition as on April 1, 1981 have been accepted by the Revenue Department at ₹ 5500 per sq. yard in respect of the same property, which was sold through two different sale deeds. Therefore, the Revenue authorities should not have ignored the directions given by the Tribunal earlier. Considering the above we set side the orders of the authorities below and direct the Assessing Officer to adopt the cost of acquisition of land under consideration as on April 1, 1981 in a sum of ₹ 5500 per sq. yard as against ₹ 600 adopted by the authorities below for the purpose of calculation of long-term capital gain.
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