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 benefi

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