https://www.taxtmi.com/caselaws?id=308819 The appeal was filed against the reassessment for the assessment year 2012-13, challenging the basis of LTCG addition, adoption of market value under section 50c, and other issues. The Tribunal found the AO's addition of LTCG in the appellant's hands unjustified due to the property's ancestral nature and co-ownership structure. It also noted the AO's failure to consider taxes paid by co-owners and issue proper notices. The Tribunal directed verification of sale proceeds distribution among co-sellers and dismissed the appeal regarding deduction under section 80C. The judgment had various outcomes, partially allowing the appeal and emphasizing proper verification and individual assessments. en-us Thu, 16 Nov 2017 00:00:00 +0530 Wed, 26 Jul 2023 08:17:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308819 The appeal was filed against the reassessment for the assessment year 2012-13, challenging the basis of LTCG addition, adoption of market value under section 50c, and other issues. The Tribunal found the AO's addition of LTCG in the appellant's hands unjustified due to the property's ancestral nature and co-ownership structure. It also noted the AO's failure to consider taxes paid by co-owners and issue proper notices. The Tribunal directed verification of sale proceeds distribution among co-sellers and dismissed the appeal regarding deduction under section 80C. The judgment had various outcomes, partially allowing the appeal and emphasizing proper verification and individual assessments. Case-Laws Income Tax Thu, 16 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308819