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2011 (8) TMI 781 - HC - Income TaxIncome from purchase and sale of properties - Agreement for purchase & sale of properties in Individual name- Bank account in Individual name - Income to be assessed in hands of Individual or HUF - Held that:- Mere non-mentioning of the status in the Agreement of purchase or sale does not alter the character of the property especially when the source of funds and that the status of HUF is governed by the investments which were made out of HUF funds and the HUF can purchase property in the name of any member of family. Further, if assessee has produced books of account, copies of return filed showing such income then it should be assessed in hands of HUF. Decided against the Revenue.
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