https://www.taxtmi.com/caselaws?id=306801 The ITAT upheld the Ld. CIT(A)'s decision to delete the addition of long term capital gain on the sale of a godown in Cuttack for A.Y. 2007-08. The ITAT accepted the Assessee's claimed cost of acquisition, emphasizing the justification based on construction cost, rental income, and valuation report. It also highlighted the principle of consistent treatment for co-owners of the same property, leading to the dismissal of the Revenue's appeal. The judgment favored the Assessee by rejecting the Revenue's challenge on valuation issues and affirmed the Ld. CIT(A)'s order in favor of the Assessee. en-us Wed, 27 Aug 2014 00:00:00 +0530 Sat, 25 Feb 2023 08:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306801 The ITAT upheld the Ld. CIT(A)'s decision to delete the addition of long term capital gain on the sale of a godown in Cuttack for A.Y. 2007-08. The ITAT accepted the Assessee's claimed cost of acquisition, emphasizing the justification based on construction cost, rental income, and valuation report. It also highlighted the principle of consistent treatment for co-owners of the same property, leading to the dismissal of the Revenue's appeal. The judgment favored the Assessee by rejecting the Revenue's challenge on valuation issues and affirmed the Ld. CIT(A)'s order in favor of the Assessee. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306801