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Differential treatment cannot be meted out to another co-owner while making assessment of same property
Case Law Details
- Case Name
- ACIT Vs Shri Mahesh Chunilal Shah (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Ahmedabad
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Co-owned property cannot be valued at a value different from value accepted in case of another co-owner
The fact that the godown was constructed in F.Y. 1995-96 is not in dispute. The dispute is about the cost of construction. Assessee after considering the cost of acquisition at Rs. 27 lacs had worked out the capital gains which was not acceptable to AO, Ld. CIT(A) while allowing the appeal of Assessee has noted that the valuation report of the valuer had also estimated the cost of construction of the godown at Rs. 54 lacs and therefore the Assessee’s share of 1/2 worked ...
