Benefit of Indexation cannot be denied to calculate Long Term Capital Gain

Millie Dey Vs ITO (ITAT Kolkata) BRIEF FACTS OF THE CASE: Assessee; being a Co-owner of a house property sold the property in the financial year 2015-16 pertaining to assessment year 2016-17. The return for the year was duly submitted by the assessee showing a long term capital loss as arrived by the assessee on the basis of a registered valuers valuation report and got assessed u/s 143(1)(a) with NIL demand. Subsequently in the year 2021, the proceedings u/s 147 was initiated by the department of revenue and the calculation of capital gain was challenged by the L.D AO. The LD.AO made an addit...