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2004 (10) TMI 34 - HC - Income TaxCapital gains tax – transfer of property - "1. Whether, Tribunal was justified in holding that the assessee is liable to pay capital gains tax on a share of 25 per cent, of the total sale consideration in respect of property? - So far as the compromise agreement is concerned, it was incumbent upon the vendor-party No. 1 to pay the amount out of the sale proceeds. This, in no way diminished the shares of the four vendors. Their shares remained 1/4th each. Accordingly, capital gain was to be calculated on the basis of the assessee's ownership of the property to the extent of his share which was 25 per cent. - We are in agreement with the views expressed by the Tribunal that the capital gain is required to be computed on the basis of equal shares of the owners. - 2. Whether, Tribunal was justified in holding that the assessee was not entitled to deduction under section 48, in respect of the amount claimed to have been paid and received by Shri B.N. Soi from the sale proceeds of property?" - Second question is also required to be answered against the assessee and in favour of the Revenue.
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