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2022 (11) TMI 409 - AT - Income TaxAddition on account of re-computation of capital gain - AO reworked value of capital gain and exemption claimed u/s 54 of the Act by disallowing certain items from the cost of acquisition - HELD THAT:- We note that property was sold and new property was purchased jointly by the assessee with Shri Yogesh N Patel being 50% shareholder and 50% of sale consideration was received by him/ Yogesh N Patel - assessee has placed on record copy of application dated 22-12-2011 along with the copy of return of income with computation of total income of his co-owner who declared similar capital gain and claimed similar exemption. The return of the co-owner has been accepted by revenue u/s 143(1) of the Act. Therefore, in our considered view when, the long term capital gain and exemption claimed by the co-owner has been accepted, then the assessee cannot be treated indifferently. We accept the contention of assessee that once, the similar LTCG offered and exemption claimed by the co-owner has been accepted by the Revenue, then the assessee is also entitled for similar relief. We find convincing force in the submissions of assessee. Hence, the appeal of the assessee is allowed. So far as the objection of case of co-owner, no scrutiny assessment was initiated, is concern, we find that this fact was brought by assessee at the earliest possible action. Revenue has not taken any action for reopening the case of co-owner and thereby accepted the capital gain and exemption on same transaction, therefore, the assessee cannot be treated indifferently for similar transaction. Thus, the objection raised for the revenue is not acceptable to us. Hence, the ground of appeal of the assessee is hereby allowed.
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