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2018 (9) TMI 1174 - AT - Income TaxComputation of long term capital gain assessable - assessment in the hands of co-sharer - land of the assessee as situated within 8kms. from municipality - Held that:- The value of the property ought to be taken at ₹ 39,36,290/- as on 1.4.1981 after giving benefit of indexation, which value would come to ₹ 2,48,77,353/- and capital gain come in the share of the assessee would be only ₹ 40,880/-. Apart from the above, we have been appraised ourselves with the latest order of the AO computing the capital gain in the hands of a co-sharer. Two co-owners cannot be treated differently for the same transaction. Therefore, we are of the view that addition made by the AO in the hands of the assessee is not sustainable. We allow the appeal of the assessee partly and direct the AO to take taxable capital gain in the hands of the assessee at ₹ 40,880/- equivalent to the one assessed in the hands of Shri Dashrathbhai Somabhai Prajapati, the other co-sharer. In view of the above discussion, appeal of the assessee is partly allowed.
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