Co-owner’s Relief Applied: ITAT Deletes DVO-Based LTCG Addition and Allows Section 54F Exemption

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 noted that the a...