LTCG exemption claimed by one co-owner is eligible to another

Rasilaben Yogeshbhai Patel Vs I.T.O (ITAT Ahmedabad) ITAT Ahmedabad held that once similar Long Term Capital Gain offered and exemption claimed by the co-owner is already accepted by the revenue, another co-owner (assessee) entitled for similar relief. Facts- The assessee during the year sold “Municipal Tenant” situated at Sharda Sahakari Gruh Mandal Ltd. for Rs. 1.9 crore in which assessee’s share was 50% only. The assessee worked out the long term capital gain of Rs. 35,14,071/- and same was claimed as exempted on account of purchase of new property for Rs. 36,96,525/-(being 50%). AO f...