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Revenue cannot discriminate between co-owners involved in same transaction
Case Law Details
- Case Name
- Rita Goel Godawari Estates Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Rita Goel Godawari Estates Vs ACIT (ITAT Bangalore)
The Bangalore Income Tax Appellate Tribunal (ITAT) has ruled in favor of Rita Goel Godawari Estates, overturning the Assessing Officer’s (AO) reliance on a Departmental Valuation Officer (DVO) report. The case centered on the assessment of long-term capital gains arising from the sale of an immovable property, jointly owned by the assessee and her husband, for the assessment year 2017-18.
The AO, based on a DVO valuation, had significantly reduced the cost of acquisition claimed by the assessee, leading to an increased capital gains lia...
