Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 833 - AT - Income TaxDetermination of LTCG – Sale of flats and claim of exemption u/s 54 - Held that:- The flats sold do not belong to the assessee and they belong to his father Shri Purushottam Bhagwani and the assessee has erroneously and on wrong advice by the Chartered Accountant, declared the long term capital gain in his hands and claimed exemption u/s.54 - it was clearly brought on record that the flats do not belong to the assessee and the flats belong to the father of the assessee - the AO is duty bound to determine the taxability of a particular income in the hands of the assessee as per relevant tax provision irrespective of the fact that the assessee has offered the same in the return of income - Merely because the assessee has wrongly declared the long term capital gain on account of sale of these 4 flats the authorities are not justified in taxing the long term capital gain in the hands of the assessee when he is not the owner of the flats – thus, the order of the CIT(A) is set aside – Decided in favour of assessee.
|