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2013 (12) TMI 193 - AT - Income TaxWhether the long term capital gain on sale of property purchased in the name of partner taxable in the hands of assessee – The property was reflecting in the books of assessee firm as assets – Held that:- The property was not owned by the assessee-firm - The registered deed always showed that the property was purchased, held and sold by Shri Irudayaraj as the sole owner of the property - The ownership of the property cannot be assigned to the assessee-firm only on the basis of the accounting entries - To acquire right in immovable properties and releasing right in immovable properties, etc. need to be strictly construed in the light of the Indian Registration Act and the Transfer of Property Act – Following CIT v. S. Rajamani and Thangarajan Industries [1997 (11) TMI 20 - MADRAS High Court] – The immovable property cannot be transferred without registered deed of conveyance - Decided in favour of assessee.
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