Co-Owner Relief- Indexed Cost & DVO Value Must Be Considered- Tribunal Remands 50C Addition

Kalabhai Karshanbhai Patel Vs ITO (ITAT Ahmedabad) Ahmedabad Tribunal condoned a delay of 1890 days in filing appeal & directed AO to recompute capital gains by adopting DVO’s valuation & indexed cost of acquisition, keeping in view that Assessee was only a co-owner of the property. Assessee, being co-owner, was subjected to addition of ₹40,88,000/- u/s 50C on account of difference between sale consideration & stamp duty valuation. AO made the entire addition in the hands of Assessee without recognizing proportionate co-ownership & without granting benefit of indexed cost o...