Capital Gains Recomputed Using ₹50,000/Bigha for Co-Owner Consistency

Gayatri Vs ITO (ITAT Agra) Section 50C Applied but Indexed Cost Harmonised with Co-Owner—Capital Gains to Be Recomputed Using ₹50,000/Bigha as on 1-4-1981 In this appeal, the Assessee—an agriculturist holding 1/11th share in a jointly owned agricultural land—challenged NFAC’s order dated 04.03.2024 confirming long-term capital gains computed u/s 144 r.w.s.147. The land was sold for ₹42 lakhs, while the circle rate was ₹60.20 lakhs. AO invoked section 50C to substitute the sale consideration and, after adopting a purchase cost of ₹10,000 per bigha, computed LTCG of ₹4,79,993 a...