ITAT Pune Deletes ₹5 Crore Capital Gain Addition for Consenting Party

Vasudha Dattatraya Shinde Vs ITO (ITAT Pune) Consenting Party cannot be taxed for Husband’s Property – ITAT Pune deletes ₹5 Cr LTCG Addition & Penalty Tribunal considered whether a “consenting party” in a development agreement could be taxed for capital gains. AO, based on registrar’s information, reopened assessment u/s 147 & treated assessee as 50% owner of a Pune property, making addition of ₹5 crore LTCG out of total consideration of ₹10 crore. Assessee explained that the property was exclusively owned & purchased by her husband, Mr. Dattatraya Pandurang Shinde,...