https://www.taxtmi.com/caselaws?id=37825 The High Court of Madras ruled in favor of the assessee in a case concerning tax liability on a capital gain from the sale of a property owned by multiple co-owners. The court held that the capital gains tax should be distributed among the co-owners based on their respective ownership shares, rejecting the Tribunal's method of computation based on payment amounts. The court emphasized legal ownership interests, allocating one-half of the gain to the assessee and one-fourth each to the other two co-owners. The decision favored a fair distribution of tax liability among the co-owners according to their ownership interests. en-us Mon, 23 Aug 1976 00:00:00 +0530 Thu, 01 Apr 2010 12:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37825 The High Court of Madras ruled in favor of the assessee in a case concerning tax liability on a capital gain from the sale of a property owned by multiple co-owners. The court held that the capital gains tax should be distributed among the co-owners based on their respective ownership shares, rejecting the Tribunal's method of computation based on payment amounts. The court emphasized legal ownership interests, allocating one-half of the gain to the assessee and one-fourth each to the other two co-owners. The decision favored a fair distribution of tax liability among the co-owners according to their ownership interests. Case-Laws Income Tax Mon, 23 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37825