https://www.taxtmi.com/caselaws?id=751802 ITAT Kolkata allowed the assessee's appeal regarding LTCG calculation on immovable property sale. The case was reopened under section 147 for a 50% property owner. AO failed to determine circle rate as on 01.04.1981 and only reduced cost without proper indexation. ITAT accepted registered valuer's FMV of Rs. 5,00,370 as on 01.04.1981, resulting in indexed cost of Rs. 54,09,000 exceeding sale consideration, thereby creating long-term capital loss. The addition was deleted and CIT(Appeals) finding was set aside. en-us Tue, 23 Apr 2024 00:00:00 +0530 Sat, 18 Apr 2026 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751802 ITAT Kolkata allowed the assessee's appeal regarding LTCG calculation on immovable property sale. The case was reopened under section 147 for a 50% property owner. AO failed to determine circle rate as on 01.04.1981 and only reduced cost without proper indexation. ITAT accepted registered valuer's FMV of Rs. 5,00,370 as on 01.04.1981, resulting in indexed cost of Rs. 54,09,000 exceeding sale consideration, thereby creating long-term capital loss. The addition was deleted and CIT(Appeals) finding was set aside. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751802