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2018 (8) TMI 1061 - ITAT HYDERABADReopening of an assessment u/s 147 - Computation of Capital Gains - transfer of property u/s 2(47) - assessee has not offered the capital gains to tax - similar issues in the case of co-owners have been remanded back by the ITAT Held that:- we find that the property under transfer is the same and the assessees’ therein are the co-owners of the property. The Tribunal in paras 9 to 18 has considered the issue at length and has held that the capital gain is taxable in the relevant assessment year. However, with regard to the sale consideration to be adopted, the matter has been set aside to the file of the Assessing Officer. Similarly, computation of cost of acquisition and also the claim of deduction u/s. 54F have also been set aside to the file of the Assessing Officer. Respectfully following the decision of the Co-ordinate Bench in the case of the co-owners under the similar facts and circumstances, we deem it fit and proper to remand this issue also to the file of Assessing Officer with similar directions. - Decided partly in favor of assessee.
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