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2014 (1) TMI 855 - ITAT CHENNAICapital gains to be taxable in whose hands – Exemption u/s 54F - Revenue was of the view that after selling of the property, the property would be considered in the hands of HUF – Held that:- The assessee had himself returned capital gains in his individual return and claimed exemption under section 54F of the Act - assessee had made certain claims for sale and acquisition for assessment year 2005-06 as well as assessment year 2006-07 - the matter requires fresh look by the Assessing Officer - Assessing Officer has to verify whether the claim of assessee that the property belonged to HUF and whether the new investments made satisfied the conditions set out in Section 54F of the Act, before allowing the claim - Assessing Officer has to look into the veracity of the declaration made by the assessee throwing his personal property into the common hotchpotch of the HUF of which assessee was the kartha - Assessing Officer has to verify whether the returns of the HUF were filed before or after the filing of the individual return – Matter remitted back to the Ao for fresh adjudication – Decided in favour of Revenue.
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