TaxTMI 
TaxTMI 
2017 (11) TMI 2028
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....es and without furnishing the reasons recorded for reopening. 2. To delete the market value of Rs. 2,47,32,000/- adopted by the Assessing Officer u/s.50c. 3. To delete the addition of LTCG of Rs. 63,19,167/- by overlooking the taxes paid by the co-owners on the same and therefore, double addition of the same income. 4. To delete the addition of LTCG of Rs. 63,19,167/- by overlooking the taxes paid by the co-owners on the same at the same rate @20%+EC as applicable. 5. To delete the addition of LTCG of Rs. 63,19,167/- without issuing notice u/s.133(6) or summons u/s. 131. 6. To delete the addition of LTCG of Rs. 63,19,167 on substantive basis instead of protective basis. 7. To allow the deduction of Rs. 1,00,000/- u/s.80c. 8. t....
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....e learned AR submitted that all 4 brothers that assessee and other 3 co-owners receive equal share in the sales proceedings of the said property because all had equal right in plot of land sold during the year. The property was in the name of the assessee, therefore sale deed was executed in his name. In the agreement itself that the said plot was ancestral property and all the four brothers were equally eligible to share ¼th share in the sales proceeds during the year. The Assessing Officer did not issue summons to co-owners before making any enquiry. The Assessing Officer had added whole Long Term Capital Gain arising on the sale of plot in full without considering the fact that all 3 co-owners have shown their share of ¼ th....
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....book on page no.37 wherein 7/12 abstract of the property was in the name of Shri Dhansukhbhai Patel. We have also verified that this original property was also held by Shree Palanji Godrej from them this property was transferred in the name of Shri Ravjibhai Patel, Shri Ganpatbhai Patel, Shri Sitarambhai Patel, Shri Arjunbhai Patel and Shri Harishchandrabhai Patel which Is on page 45 of the paper book. Page 49 of the paper book which shows that due to fragmentation of law, the property was in the name of assessee. We find that survey no.156 hiss no.6, area H. are 17-60.0 & valuation 21-50 was purchased by Shri Ravjibhai Patel and his brothers on 20.02.1972. Thereafter, this property was distributed among the 7 members and Shri Dhansukhbhai ....