Delay Condoned & STCG Addition Deleted – No Capital Gain Where Sale = Cost (Parity with Co-owner)

Kamini Velmurugan Vs ITO (ITAT Mumbai) Delay Condoned STCG Addition Deleted – No Capital Gain Where Sale = Cost (Parity with Co-owner) AO reopened the case and, due to non-compliance, taxed ₹42.5 lakh as Short Term Capital Gain (STCG) on sale of jointly owned property, without allowing cost of acquisition. The CIT(A) dismissed the appeal due to delay of 19 days. Before ITAT, the assessee demonstrated that: Property was jointly purchased & sold for the same price (₹85 lakh) Her share (₹42.5 lakh) had equal cost of acquisition + stamp duty, resulting in no gain In co-owner (husbandâ...