Income Tax Dept cannot treat Same Transaction of Sale of Property by Co-Owners: ITAT deletes Application of S. 50C [Read Order]

Income Tax Dept - Sale of Property - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax department cannot treat the same income received as sale consideration from the same property by co-owners differently for the purpose of imposing tax under the Income Tax Act, 1961. The assessee challenged the revisional order passed by the Principal…

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