https://www.taxtmi.com/caselaws?id=781932 ITAT AGRA-AT upheld application of section 50C, confirming adoption of the circle rate of Rs 60.20 lakhs as the deemed sale consideration for the agricultural land, instead of the declared Rs 42 lakhs. However, to maintain uniformity with the co-owner's settled assessment, it directed that the indexed cost of acquisition as on 1-4-1981 be taken at Rs 50,000 per bigha. The Tribunal further held that only the assessee's 1/11th share in the property is taxable in the assessee's hands. The AO was directed to recompute long-term capital gains accordingly. The appeal was partly allowed. en-us Wed, 19 Nov 2025 00:00:00 +0530 Sat, 22 Nov 2025 07:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781932 ITAT AGRA-AT upheld application of section 50C, confirming adoption of the circle rate of Rs 60.20 lakhs as the deemed sale consideration for the agricultural land, instead of the declared Rs 42 lakhs. However, to maintain uniformity with the co-owner's settled assessment, it directed that the indexed cost of acquisition as on 1-4-1981 be taken at Rs 50,000 per bigha. The Tribunal further held that only the assessee's 1/11th share in the property is taxable in the assessee's hands. The AO was directed to recompute long-term capital gains accordingly. The appeal was partly allowed. Case-Laws Income Tax Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781932