Calculation of LTCG and STCG under the Income Tax Act

This Income Tax Appellate Tribunal case concerns the calculation of long-term capital gains (LTCG) arising from the sale of a co-owned property. The assessee reported an income of Rs. 3,67,230, including an LTCG of Rs. 1,84,977 from a property sale on 28th November 2011. Although the Assessing Officer identified this gain, the assessee's subsequent appeal to the CIT(A) was dismissed. Ultimately, the Tribunal allowed the assessee's appeal for statistical purposes.

IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD “B” BENCH
(Conducted Through Virtual Court)
Before: Shri Rajpal Yadav, Vice President
And Shri Amarjit Singh, Accountant Member

ITA No. 1316/Ahd/2017
Assessment Year 2012-13

Ishwarbhai V. Desai,
5A, 2nd Floor Jaltarang
Co. Op. Housing Soc.
Opp Shankar Bhuvan
Shahpur, Ahmedabad
PAN: AKMPD7386E
(Appellant)

Vs

The ITO,
Ward-1(2)(2),
Ahmedabad
(Respondent)

Revenue by: Shri R.R. Makwana, Sr. D.R.
Assessee by: Shri S.N. Divatia, A.R.
Date of hearing : 17-08-2021
Date of pronouncement : 24-08-2021

ORDER

The fact in brief is that return of income declaring income of Rs. 3,67,230/- was filed on 27th March, 2012. The case was subject to scrutiny assessment and notice u/s. 143(2) of the act was issued on 4th Sep, 2014. During the course of assessment, the Assessing Officer noticed that assessee has earned long term capital gain of Rs. 1,84,977/- from the sale of coowned property for Rs. 62,66,000/- on 28th Nov, 2011.

2. The fact in brief is that return of income declaring income of Rs. 3,67,230/- was filed on 27th March, 2012. The case was subject to scrutiny assessment and notice u/s. 143(2) of the act was issued on 4th Sep, 2014. During the course of assessment, the Assessing Officer noticed that assessee has earned long term capital gain of Rs. 1,84,977/- from the sale of coowned property for Rs. 62,66,000/- on 28th Nov, 2011.

3. Aggrieved assessee has filed appeal before the ld. CIT(A). The ld. CIT(A) has dismissed the appeal of the assessee.

4. In the result, the appeal of the assessee is allowed for statistical purposes.
Order pronounced in the open court on 24-08-2021

Please find attached the enclosed file for the full judgement