LTCG on land co-owned cannot be assessed in the hands of single owner

E. Murugan Vs ITO (ITAT Chennai) ITAT Chennai held that assessment of Long Term Capital Gain entirely in the hands of assessee instead of all the co-owners of the land is unsustainable in law. LTCG should be assessed in the exact proportion to the extent the land belongs to each such co-owners. Facts- The only issue in this appeal of the assessee is assessment of Long Term Capital Gain on compulsory acquisition of land by Government under the Tamil Nadu Highways Act, 2001 (Act 34/2002) in the hands of the assessee alone instead of all the co-owners. There are many aspects to this issue those a...