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2023 (4) TMI 484 - AT - Income TaxRectification u/s 154 - Capital gain computation - rectification claiming correct computation of his long term capital gains after adopting cost of acquisition itself as the fair market value “FMV” - HELD THAT:- Learned counsel first of all referred to this tribunal’s coordinate bench’s order in Atul C. Shah [2022 (1) TMI 535 - ITAT AHMEDABAD] that such a correct cost of indexation and its appropriate computation indeed forms subject matter of section 154 rectification. Learned counsel also sought to highlight the fact that the assessee’s co-owner’s capital gains had been computed after determining the very cost of acquisition/indexation which has been denied in the impugned sec.154 proceedings. Faced with the situation, we deem it appropriate to reverse the learned lower authorities action declining the assessee’s instant rectification petition as not maintainable and leave it open for the learned Assessing Officer to decide the same afresh as per law. Assessee’s appeal is allowed for statistical purposes.
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