Revenue cannot take a different stand in case of Co-Owners

Smt. Bachupally Laxmi (alias Routhu Laxmi) Vs ITO (ITAT Hyderabad)

For the purpose of computation of LTCG arising out of the development agreement cum GPA, the Assessing Officer has accepted that the assessee has acquired the flats as on 9.11.2009 and therefore, in the year 2012 when the assessee has sold the flat, the holding period has to be held as more than 3 years and the provisions of sub-section 3 of section 54F are not applicable. Similarly, the gain arising out of the sale of flat also has to be held as LTCG and not STCG as held by the Assessin

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