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2015 (4) TMI 43 - AT - Income TaxShare in the property sold - capital gain computation - CIT(A) held assesseee's share as 1/18th, instead of 1/6th determined by the Assessing Officer on the basis of Form 6A dated 08/11/1983 - Held that:- Since assessee along with his sons had 1/6 share, Assessing Officer taxed the entire share in his hand without considering the share of his sons ignoring the fact that they had received their share of payment and reflected the sale consideration in their respective returns. The land records establish the fact that assessee along with his sons were equal owners in the said property as discussed above. The land records including the assessee's sons was of 2005 which is much prior to transfer, therefore, Assessing Officer was not justified in ignoring this evidence. Moreover, assessee’s sons have disclosed their income from sale of this property in their respective tax returns including same in assessee’s hand would result in double taxation. Considering these facts and circumstances, CIT(A) was justified in directing the Assessing Officer to treat the disclosed capital gain 1/18th share. This reasoned finding CIT(A) needs no interference from our side. - Decided against revenue.
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