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2014 (12) TMI 88 - AT - Income TaxAssessability of transaction in respect of sale of lands Co-owner of the land Assessee or M/s Viraj Estates Pvt. Ltd. liable to be taxed Held that:- Following the decision in Income Tax Officer, Ward- 4 Versus Shri Manohar Shridhar Patil [2014 (12) TMI 71 - ITAT PUNE] wherein it has been held that the CIT(A) correctly came to conclude that the sale of land was assessable in the hands of the M/s Viraj Estates Pvt. Ltd. and not in the hands of the assessee - CIT(A) rightly accepted the plea of the assessee that the transaction does not belong to the assessee inasmuch as the land has been purchased and sold for and on behalf of VEPL, having regard to the facts and circumstances of the case - the sale-deeds showed that payments for acquisition of land were made by VEPL through their bank accounts - payments have been recorded in the books of account of M/s VEPL - in the Balance-Sheet of VEPL, the transaction has been reflected as advances against purchase of land - CIT(A) rightly has concluded that purchase of land by the assessee and two other co-owners is for and on behalf of the VEPL the land was purchased and sold by the assessee and two other co-owners for and on behalf of VEPL - Therefore, the income thereof was not liable to be assessed in the hands of the assessee thus, the order of the CIT(A) is upheld Decided against revenue.
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