https://www.taxtmi.com/caselaws?id=767444 ITAT Chennai set aside CIT(A) order regarding STCG taxation on ancestral immovable property sale. Assessee and ten co-owners allegedly sold property for Rs 9.08 crores, with assessee's share being Rs 82.62 lakhs. AO computed STCG at Rs 74.36 lakhs for AY 2016-17. However, similar additions in co-owners' cases were deleted by CIT(A) and accepted by Department. ITAT found assessment erroneous as property transfer occurred in AY 2014-15, not 2016-17. Matter remanded to JAO to verify if assessee actually transferred property in AY 2016-17. Penalties under sections 271(1)(c) and 271F also set aside pending fresh assessment. en-us Wed, 05 Mar 2025 00:00:00 +0530 Tue, 18 Mar 2025 09:58:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767444 ITAT Chennai set aside CIT(A) order regarding STCG taxation on ancestral immovable property sale. Assessee and ten co-owners allegedly sold property for Rs 9.08 crores, with assessee's share being Rs 82.62 lakhs. AO computed STCG at Rs 74.36 lakhs for AY 2016-17. However, similar additions in co-owners' cases were deleted by CIT(A) and accepted by Department. ITAT found assessment erroneous as property transfer occurred in AY 2014-15, not 2016-17. Matter remanded to JAO to verify if assessee actually transferred property in AY 2016-17. Penalties under sections 271(1)(c) and 271F also set aside pending fresh assessment. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767444