Gain on Property owned by co-owner – ITAT directs CIT(A) to decide appeals simultaneously

R.Vasimalai Vs ITO (ITAT Chennai) The facts borne out from the record are indicate that the assessee had purchased property along with co-owner, Mr.C.R.Rajaram, for a consideration of Rs.36 lakhs and the guideline value of the property as per the stamp duty authorities was at Rs.68,03,167/-. The AO has made addition u/s.56(2)(vii)(b)(ii) of the Act, towards difference between guideline value and consideration paid for purchase of property as unexplained investment. The Ld.CIT(A) has sustained the additions made by the AO. We find that similar addition has been made in the hands of co-owner, Mr...