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2017 (9) TMI 636 - AT - Income TaxCapital gain computation - acceptance of FMV of property - shops constructed on the land inherited from father - taxation on co-sharer of property - Held that:- It is a true fact that the assessee alongwith his three brothers constructed ten shops on the land inherited from his father, which is situated in the main area of Sangwada. The assessee had specifically informed the fact of fair market value of the property, which was accepted by the revenue. No any instance was available on records showing the fair market value of the said property as on 01/4/1981. Once the department accepted the FMV with regard to the asset then there is no any reason to deviate from the accepted working of the capital gain as per Rule of consistency. The ld AR relied on the decision of Hon’ble Punjab & Haryana High Court in the case of Jaswant Raj Vs CIT (1977 (2) TMI 22 - PUNJAB AND HARYANA High Court) wherein held that if during the same assessment year the same quantity of wealth in 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 principles of equality of law enshrined in Art. 14 of the Constitution. 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 assessee was accepted by the CIT. Allow the appeal of the assessee.
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