Assessee Alone can’t be Taxed when Land belongs to many Co-owners: ITAT deletes Addition of Capital Gain on Land Acquisition [Read Order]

Land - Co-owners - ITAT - Capital Gain - Land Acquisition - ITAT - taxscan

The Income Tax Appellate Tribunal(ITAT), Chennai Bench, has recently while deciding an appeal filed before it, held that an assessee alone cannot be taxed, when the land belongs to many co-owners. The aforesaid observation was made by the Tribunal when an appeal was preferred before it by anassessee, as against the order of the Commissioner…

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