SURESH ANANT PATIL ,MUMBAI vs. INCOME TAX OFFICER WARD 35(3)(4), MUMBAI

ITA 1850/MUM/2026Status: DisposedITAT Mumbai25 May 2026AY 2014-1510 pages
AI SummaryRemanded

What were the facts?

The assessee's income was assessed by the AO by including capital gains on a Tripartite Agreement, invoking Section 50D and adopting the stamp duty value as consideration. The assessee argued that the rights were acquired in 2007 and sought indexation benefits, citing a co-owner's case where similar benefits were allowed.

What did the Tribunal hold?

The Tribunal found merit in the assessee's contention regarding the cost of acquisition and indexation benefit with reference to the year 2007, especially considering the favorable treatment in a co-owner's case. The matter was restored to the AO for re-computation.

What were the issues?

The primary issue was the correct computation of long-term capital gains, specifically the cost of acquisition and indexation benefit, and whether the treatment in a co-owner's case should be followed.

Which sections of the Income-tax Act were involved?

Section 50D,Section 143(3),Section 250,Section 48,Section 49(1),Section 55(2)(b)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI

For Appellant: Shri Jagdish T. Punjabi/Ms. Ritu Punjabi
For Respondent: Shri Pasale Naganath Bhimrao-(Sr.DR)
Hearing: 20/05/2026Pronounced: 25/05/2026

Per:Anikesh Banerjee (JM): The instant appeal of the assessee filed against the order of the Ld. Commissioner of Income Tax(Appeals) ADDL/JCIT-(A)-1, Vadodara [for brevity the “Ld. CIT(A)”], order passed under section 250 of the Income Tax Act 1961 (for brevity ‘the Act’) for Assessment Year 2014-15, date of order 12.01.2026. The impugned order emanated from the order of the Ld. Income Tax Officer-35(3)(4),

2 Suresh Anant Patil Mumbai (for brevity the ‘Ld. AO’) order passed under section 143(3) of the Act date of order 30.12.2016. 2. The brief facts of the case are that the assessee is in individual capacity e- filed his return of income

The order continues below.

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