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Co-owner’s Relief Applied: ITAT Deletes DVO-Based LTCG Addition and Allows Section 54F Exemption
Case Law Details
- Case Name
- Dishant Sureshbhai Patel Vs ITO (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Surat
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Dishant Sureshbhai Patel Vs ITO (ITAT Surat)
Co-owner’s Relief Applied: ITAT Deletes DVO-Based LTCG Addition and Allows Section 54F Exemption
Surat Bench of the Income Tax Appellate Tribunal allowed the assessee’s appeal for AY 2015-16 by following the decision rendered in the case of a co-owner of the very same property.
The Assessing Officer had enhanced long-term capital gains by adopting the DVO’s valuation as on 01.04.1981 and consequently made an addition of ₹16.05 lakh, besides denying exemption under section 54F. The CIT(A) confirmed the additions.
The Tribunal...
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