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2019 (4) TMI 1513 - ITAT DELHIIncome of the HUF or individual assessee - Capital gain assessment - Whether ownership of the property in question was vested in the name of HUF ? - property transferred by four co-owners - estimation of value of property as on 01.04.1981 - proof that HUF as owner of the property - transfer the ownership of the property - HELD THAT:- As obvious from Sale deed that the property in question was undisputedly transferred by four co-owners and not by any HUF or its Karta. Therefore, we do not find any justification to disregard the conclusion reached by the ld. authorities below that four co-owners of the property including the assessee had transferred their asset and therefore, the capital gain, whatsoever, earned of his share, shall be taxable in the hands of the assessee. No cogent evidence is placed on record to establish that the ownership of the impugned property vested with the said HUF. Once, there is complete lack of evidence of ownership of property in the name of HUF, there is no need to prove the partition of HUF as per section 171 of the IT Act and as such the plea of assessee in this regard does not hold good. The ld. AR of the assessee could not be able to discard the findings reached by the ld. CIT(A) in the impugned order. We, therefore, are not inclined to interfere with the impugned order. Accordingly, the appeal of the assessee deserves to be dismissed.
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